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Mallinckrodt: 1Q Earnings Snapshot

SURREY, Britain (AP) _ Mallinckrodt PLC (MNK) on Tuesday reported first-quarter net income of $154.9 million, after reporting a loss in the same period a year earlier.

The Surrey, Britain-based company said it had net income of $1.83 per share. Earnings, adjusted for one-time gains and costs, were $1.94 per share.

The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.73 per share.

The specialty pharmaceutical company posted revenue of $790.6 million in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $771.5 million.

Mallinckrodt expects full-year earnings in the range of $8.30 to $8.60 per share.

Mallinckrodt shares have risen 4% since the beginning of the year. The stock has risen 37% in the last 12 months.

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