U.S. Markets closed

Arena Pharmaceuticals beats 4Q profit forecasts

SAN DIEGO (AP) _ Arena Pharmaceuticals Inc. (ARNA) on Tuesday reported fourth-quarter net income of $38.6 million, after reporting a loss in the same period a year earlier.

The San Diego-based company said it had net income of 16 cents per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 9 cents per share.

The drugmaker posted revenue of $85.4 million in the period.

For the year, the company reported that its loss narrowed to $22.5 million, or 9 cents per share. Revenue was reported as $124 million.

In the final minutes of trading on Tuesday, the company's shares hit $1.42. A year ago, they were trading at $1.53.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ARNA at https://www.zacks.com/ap/ARNA

_____

Keywords: Arena Pharmaceuticals, Earnings Report