Million

Safety

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<p class="has-drop-cap">Neogen Corporation (NASDAQ: NEOG) has recently <a href="https://www.neogen.com/neocenter/press-releases/neogen-announces-third-quarter-2024-results/" target="_blank" aria-label="disclosed (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">disclosed</a> its financial outcomes for the third quarter of the fiscal year 2024, marking significant milestones despite facing operational challenges. <br><br>The company reported a revenue of $228.8 million, reflecting a 4.8% increase from the previous year’s $218.3 million. This growth is attributed to the successful integration of the former 3M Food Safety business, including the relocation of the pathogen detection and sample handling product lines. <br><br>Neogen’s CEO, John Adent, highlighted the completion of significant integration milestones and the ongoing efforts to address operational inefficiencies that have temporarily impacted order fulfillment rates.</p> 
<p>Despite these challenges, Neogen’s adjusted net income remained stable at $26.4 million, equivalent to $0.12 per diluted share, closely mirroring the prior year’s performance. <br><br>The company also saw an improvement in its gross margin, which rose to 51.1% from 49.5% a year ago, mainly due to increased sales of higher-margin products in the Food Safety segment. However, a net loss of $2.0 million, or $0.01 per diluted share, was reported, contrasting with a net income of $8.2 million, or $0.04 per diluted share, in the same quarter of the previous year. This loss is primarily attributed to higher depreciation expenses and the ongoing operational inefficiencies from the integration process.</p> 
<h3 id="neogen-corporation-reports-230-01-m-in-revenue-for-q3-falls-short-of-expectations-by-1-21-million">Neogen Corporation Reports $230.01 M in Revenue for Q3, Falls Short of Expectations by $1.21 Million</h3> 
<p>Comparing Neogen’s performance against market expectations reveals a mixed picture. Analysts had projected earnings per share (<a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="dofollow" class="deco-link">EPS</a>) of $0.015 and revenue of $230.01 million for the quarter. <br><br>While the company slightly missed the revenue target of $228.8 million, it surpassed the EPS expectations, reporting $0.12 per diluted share on an adjusted basis. <br><br>This discrepancy underscores the impact of the operational challenges Neogen faces, which have tempered its ability to fully capitalize on the improving end-market demand. Despite these hurdles, the company’s core revenue growth and the strategic expansion of its scale through the merger with the 3M Food Safety Division indicate a strong underlying business performance.</p> 
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<h3 id="neogen-corp-expects-full-year-revenue-between-910-to-920-million">Neogen Corp. Expects Full-Year Revenue Between $910 to $920 Million</h3> 
<p>Neogen has updated its full-year outlook to reflect the slower-than-anticipated recovery of order fulfillment rates, which are crucial for meeting consistent end-market demand. <br><br>The company now expects revenue to be between $910 million to $920 million, with adjusted EBITDA projected between $210 million and $215 million. This revised guidance considers the current operational inefficiencies and their impact on revenue generation. <br><br>Additionally, Neogen anticipates capital expenditures of approximately $130 million, with a significant portion allocated to integrating the former 3M Food Safety Division. This investment underscores the company’s commitment to overcoming the present challenges and capitalizing on the long-term benefits of its strategic initiatives.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
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<p>The post <a rel="nofollow" href="https://tokenist.com/neogen-corporation-neog-q3-results-0-12-eps-228-8m-in-revenue/">Neogen Corporation (NEOG) Q3 Results: $0.12 EPS, $228.8M in Revenue</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Neogen Corporation (NEOG) Q3 Results: $0.12 EPS, $228.8M in Revenue

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