Neogen Corp.'s (NEOG) fiscal third-quarter earnings rose 37% as the maker of food and animal safety products saw strong growth at its food-safety business and stronger margins.
Results beat analyst's expectations and Chairman and Chief Executive James Herbert called the performance "exceptional...especially considering that many of our customers have been under severe economic stress."
The company's test kits are used to detect a number of food-safety hazards while Neogen's drugs, vaccines and instruments are used by veterinarians. Neogen's sales grew last year despite the weak economy, while the company has benefited from cost cuts.
For the quarter ended Feb. 28, the company reported a profit of $3.9 million, or 17 cents a share, up from $2.8 million, or 12 cents a share, a year earlier. Revenue jumped 22% to $33.8 million.
Latest from Quality Assurance & Food Safety
- Director General of IICA and Senior USDA Officials Meet to Advance Shared Agenda
- EFSA and FAO Sign Memorandum of Understanding
- Ben Miller Breaks Down Federal Cuts, State Bans and Traceability Delays
- Michigan Officials Warn Recalled ByHeart Infant Formula Remains on Store Shelves
- Puratos USA to Launch First Professional Chocolate Product with Cultured Cocoa
- National Restaurant Association Announces Federal Policy Priorities
- USDA Offloads Washington Buildings in Reorganization Effort
- IDFA Promotes Andrew Jerome to VP of Strategic Communications and Executive Director of Foundation
