Actavis Q3 Adj. Earnings Matches View, Lifts Full-year Outlook - Quick Facts

(RTTNews) - Specialty pharmaceutical company Actavis, Inc. (ACT) reported net income for the third quarter of $65.6 million or $0.49 per share, down from $76.7 million or $0.60 per share in the prior year period. The reported results exclude any results from Warner Chilcott plc, which Actavis acquired on October 1, 2013.

However, adjusted earnings for the quarter were $2.09 per share, compared to $1.35 per share in the same period last year. On average, seventeen analysts polled by Thomson Reuters expected the company to earn $2.09 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenue for the quarter grew 57 percent to $2.01 billion from $1.29 billion in the year-ago period. Analysts had a consensus revenue estimate of $2.03 billion.

Looking ahead to the fourth quarter, Actavis forecast adjusted earnings of $2.95 to $3.05 per share. Street expects the company to report earnings of $2.26 per share for the quarter.

For fiscal 2013, the company now forecasts adjusted earning per share between $9.26 and $9.39, up from the prior range of $8.15 to $8.50 per share. The company projects full-year revenues of about $8.6 billion, up from the prior forecast for revenues of about $8.1 billion. Analysts expect the company to earn $8.35 per share for the year on revenues of $8.08 billion.

For fiscal 2014, Actavis expect strong organic growth to continue, with its initial forecast for adjusted earnings between $12.25 and $13.00. Street expects earnings of $12.47 per share for the year.