PHILADELPHIA (AP) _ Lannett Co. (LCI) on Wednesday reported fiscal second-quarter net income of $5.1 million, after reporting a loss in the same period a year earlier.
The Philadelphia-based company said it had net income of 13 cents per share. Earnings, adjusted for non-recurring costs, were 27 cents per share.
The results met Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was also for earnings of 27 cents per share.
The generic drug company posted revenue of $136.1 million in the period, which topped Street forecasts. Three analysts surveyed by Zacks expected $128.6 million.
Lannett expects full-year revenue in the range of $530 million to $550 million.
Lannett shares have climbed 1% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $8.92, an increase of 6% in the last 12 months.