Pharmaceutical company Actavis, Inc. (ACT) Tuesday reported lower income for the fourth quarter, in spite of a rise in revenue, as higher operating expenses ate into the bottom line. However, adjusted earnings per share topped analyst estimates.
For the quarter, the company posted net income attributable to shareholders of $28 million, down from $94.8 million last year. On a per share basis, earnings totaled $0.21 versus $0.75 last year.
On an adjusted basis, earnings per share for the fourth quarter was $1.59. Twenty analysts, on average, polled by Thomson Reuters estimated earnings per share of $1.53 for the period. Analyst estimates typically exclude one-time items.
Net revenue rose to $1.75 billion from $1.54 billion last year and was just above analyst estimates of $1.74 billion.
Total operating expenses for the period was $1.731 billion, up from $1.377 billion last year.
Looking forward, the company said expects total Actavis Pharma segment revenue of between $6.3 billion and $6.5 billion and adjusted earnings to be between $7.70 and $8.10 per share for 2013.
Analysts are looking for earnings per share of $8.00 for the full year.
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