LANSING, Mich. (AP) -- Neogen shares jumped 8 percent Tuesday after the food and animal testing company beat market profit expectations for the first quarter.
The company earned $6.7 million, or 28 cents per share, for the quarter that ended Aug. 31, compared with $6 million, or 25 cents per share, in the same quarter last year.
Revenue increased nearly 9 percent to $49.7 million from $45.7 million, helped in part by a recent acquisition but hindered by currency translation.
Analysts polled by FactSet expected the company to earn 26 cents per share on revenue of $50.8 million.
Neogen CEO James Herbert said that it was an encouraging start to the year, helped in part by new products such as new line of tests to detect natural toxins in grains.
Shares of Neogen Corp., based in Lansing, Mich., rose $3.01 to $43.01 by afternoon trading. The company's shares have traded between $25.59 and $47.89 in the past 52 weeks.