Actavis Inc. (ACT) reported a first-quarter net loss attributable to shareholders of $102.8 million or $0.79 per share, compared to profit of $54.8 million or $0.43 per share last year. The company noted that the current quarter loss includes $270 million, or $1.77 per share, of charges related to the acquisitions of the legacy Actavis Group in November of 2012 and Uteron Pharma SA in January of 2013.
Adjusted profit per share was $1.99 compared to $1.64 prior year. Net revenues increased to $1.90 billion from $1.52 billion last year.
On average, 19 analysts polled by Thomson Reuters expected the company to report profit of $1.86 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $1.97 billion for the quarter.
The company increased its forecast for 2013 adjusted earnings per share in the range of $8.10-$8.50. Actavis estimates total net revenue for 2013 of approximately $8.1 billion. Analysts expect the company to report fiscal 2013 profit per share of $8.09 on revenue of $8.09 billion.
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