FTSE 100: Index falls as earnings results weigh; pound below $1.33, Bodycote soars
Investing.com -- Neogen Corporation (NASDAQ:NEOG), the food and animal safety company, reported third quarter revenue that fell short of analyst expectations and lowered its full-year guidance on Wednesday.
Neogen shares plunged -16.9% in premarket trading following the earnings release.
The company posted Q3 revenue of $221 million, down 3.4% year-over-year and below the consensus estimate of $232.36 million. Adjusted earnings per share came in at $0.10, beating expectations of a $0.01 loss per share.
Neogen's Food Safety segment revenue declined 3.2% to $152.7 million, while Animal Safety segment revenue dropped 4% to $68.2 million.
"The quarter was impacted by lower sample collection revenue, but we made significant improvements in our sample collection production and reached prior throughput levels at the end of the quarter," said John Adent, Neogen's President and CEO.
The company cut its fiscal 2025 revenue outlook to approximately $895 million, down from its previous guidance and below analyst estimates of $910.2 million. Neogen cited third-quarter results coming in below expectations and rising macroeconomic uncertainty affecting its end markets.
"We are taking decisive actions to influence those things that are within our control," Adent added, noting the company remains optimistic about its long-term growth prospects despite near-term headwinds.