Neogen Corp. (NEOG) announced on Friday that their net loss for the second quarter significantly increased to $456.28 million, or $2.10 per share, compared with a loss of $3.49 million, or $0.02 per share, in the same period the previous year. This loss was primarily due to a non-cash goodwill impairment charge associated with the acquisition of the former 3M Food Safety Division.
After adjusting for special items, the company's earnings remained steady at $0.11 per share, matching the earnings from the prior-year quarter.
According to a survey by Thomson Reuters, analysts had anticipated earnings of $0.10 per share for the quarter, generally excluding any special items from their forecasts.
The quarter's total revenue saw a modest increase of 0.7%, reaching $231.26 million from $229.63 million the previous year, surpassing analysts' expectations of $228.07 million. The core revenue grew by 3.5%.
For fiscal year 2025, Neogen Corp. has revised its revenue forecast to range between $905 million and $925 million, down from the previous projection of $925 million to $955 million. Analysts are predicting revenue of $935.70 million for the quarter.
