Neogen Corp. (NEOG) Tops Q4 EPS by 1c, Revenues Miss

Neogen Corp. (NASDAQ: NEOG) reported Q4 EPS of $0.31, $0.01 better than the analyst estimate of $0.30. Revenue for the quarter came in at $109.07 million versus the consensus estimate of $112.94 million.

"We've experienced unprecedented challenges to our business around the world in recent months. In response to this crisis, Neogen took immediate action to protect our employees and our business. The results that we are reporting today are reflective of an incredible amount of hard work from our entire team, and I am extremely proud of them," said John Adent, Neogen's president and chief executive officer. "While we know that we have a long, hard fight ahead of us, going forward, Neogen's mission matters more than ever. Keeping our food, and food production environments, as safe as possible will be even more important in the challenging months that lie ahead. Neogen was built to do just that."

"Currency headwinds, which had been fairly moderate in the first three quarters of the year, became much more significant in our fourth quarter as financial markets around the world absorbed the impact of COVID-19. In a neutral currency environment, revenues would have been $3.5 million higher for the quarter, primarily due to weakness in the Brazilian real and the Mexican peso, which were 25% and 18% lower, respectively, than in the fourth quarter a year ago," said Steve Quinlan, Neogen's chief financial officer. "Despite the currency issue, cost control programs and improved gross margins helped us achieve a $1.2 million increase in our operating income for the fourth quarter."

For earnings history and earnings-related data on Neogen Corp. (NEOG) click here.

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