Lannett (LCI) Guides Q4, FY14 Above Consensus

Lannett (NYSE: LCI) announced that it expects to report fiscal 2014 fourth quarter net sales of approximately $81 million and diluted earnings per share attributable to Lannett Company in the range of $0.60 and $0.64. For the prior year fourth quarter, net sales were $40.2 million and diluted earnings per share attributable to Lannett Company were $0.12.

*** The Street is looking for Q4 revs of $71.2 million and EPS of $0.41.

For the fiscal 2014 full year, the company expects to report net sales of approximately $274 million and adjusted diluted earnings per share between $1.94 and $1.98. On a GAAP basis, the company expects to report diluted earnings per share attributable to Lannett Company in the range of $1.58 to $1.62, which includes a non-recurring, pre-tax charge of $20.1 million related to the previously announced contract extension with Jerome Stevens Pharmaceuticals, Inc. (JSP) to be the exclusive distributor in the United States of three JSP products. For the prior year, net sales were $151.1 million and diluted earnings per share attributable to Lannett Company were $0.46, which included a favorable pre-tax litigation settlement of $1.3 million, equal to $0.03 per diluted share.

** The Street sees FY14 revs of $264.3 million and EPS of $1.75.

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