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Cambrex Q1 Profit Falls; Reiterates FY19 Outlook - Quick Facts

Cambrex Corp. (CBM) on Thursday reported a 57 percent fall in profit for the first quarter from last year as higher expenses more than offset an increase in revenues.

The company's net income for the first quarter was $10.41 million or $0.31 per share, down from $24.06 million or $0.72 per share in the year-ago period.

Adjusted income from continuing operations was $20.2 million or $0.60 per share, compared to $25.8 million or $0.77 per share in the same quarter last year.

Net revenue for the quarter grew 13 percent to $159.46 million from $141.10 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.41 per share for the quarter on revenues of $161.63 million. Analysts' estimates typically exclude special items.

The latest quarter's results include a 4 percent unfavorable impact of foreign exchange compared to the year-ago period. Net revenue during the quarter includes the acquisitions of Halo and Avista. Compared to the same quarter last year, the Drug Substance segment revenues declined due to lower volumes.

Looking ahead to fiscal 2019, Cambrex reaffirmed its outlook for net revenue, which excludes the impact of foreign currency, to be between 21 percent and 25 percent higher than 2018 net revenue, and adjusted EBITDA between $150 million and $160 million.

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