Neogen Corporation (NASDAQ:NEOG) shares are trading lower by 9.6% at $30.51 after the company reported worse-than-expected third-quarter EPS and sales results.
Neogen reported quarterly earnings of 13 cents per share which missed the analyst consensus estimate of 15 cents. Neogen also reported quarterly sales of $128.24 million which missed the analyst consensus estimate of $129.99 million by 1%. This is a 10% increase over sales of $116.71 million in the same period last year.
"We incurred significant legal and consulting fees during the quarter as we prepared for the 3M Food Safety combination; this spending will continue through the end of this fiscal year and into next fiscal year as we work toward closing," said Steve Quinlan, Neogen's Chief Financial Officer.
"At the same time, our team is also continuing to drive growth initiatives across the company while addressing the current cost pressures in our business," Quinlan stated.
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Neogen develops, manufactures and markets various products for food and animal safety.
Neogen has a 52-week high of $48.85 and a 52-week low of $29.71.
