AMITYVILLE, N.Y. (AP) -- Shares of Hi-Tech Pharmacal Co. rose Friday after the generic drug maker's second-quarter results surpassed Wall Street forecasts.
Hi-Tech said its net income declined from last year, when it reported strong sales of a generic version of the nasal spray Flonase. The company also said its sales were hurt by Superstorm Sandy, which left it unable to make and ship products for the last few days of the quarter. However revenue from its ECR branded drug business climbed higher, countering small decreases in revenue from sales of generic drugs and over-the-counter products.
Hi-Tech Pharmacal stock rose $4.02, or 13 percent, to $35.07 in morning trading.
The company said its net income fell 35 percent in the quarter ended Oct. 31, to $8.9 million, or 66 cents per share, from $13.8 million, or $1.04 per share. Revenue rose 1 percent, to $57.5 million from $56.9 million.
Analysts were expecting net income of 52 cents per share and revenue of $55 million, according to FactSet.
The company said revenue at ECR grew because of better sales of the pain and fever drug Bupap, cough treatment TussiCaps, headache treatment Orbivan and dermatitis drug DexPak. Hi-Tech said Bupap sales increased because customers bought larger quantities ahead of a price increase.
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