RANCHO CUCAMONGA, Calif. (AP) _ Amphastar Pharmaceuticals Inc. (AMPH) on Wednesday reported second-quarter net income of $47.8 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Rancho Cucamonga, California-based company said it had profit of 96 cents. Earnings, adjusted for non-recurring gains, were 8 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share.
The specialty pharmaceutical company posted revenue of $79 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $75.8 million.
Amphastar shares have dropped 1% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $19.69, a rise of 11% in the last 12 months.