Healthcare company Alere Inc. (IMA, ALR) Thursday reported a profit for the first quarter, influenced by higher sales and tax benefits, versus a loss last year. Adjusted earnings per share were higher than analyst expectations.
For the quarter the firm reported net income attributable to shareholders of $7.2 million compared with a loss of $4.09 million last year. On a per share basis earnings totaled $0.09 versus a loss of $0.05 last year.
On an adjusted basis earnings for the three months was $0.53 per share. Nine analysts on average polled by Thomson Reuters estimated earnings per share of $0.51 for the quarter. Analyst estimates typically exclude one-time items.
The firm clocked net revenue of $739.24 million, up from $671.12 million last year. Analysts were looking for revenue of $727.66 million for the period.
The firm enjoyed a tax benefit of $36.87 million compared with $1.45 million last year.
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