Published on 7 May 2024 on Zacks via Yahoo Finance
Perrigo (PRGO) Q1 Earnings Surpass, Sales Miss Estimates
Perrigo Company plc PRGO reported adjusted earnings of 29 cents per share in the first quarter of 2024, beating the Zacks Consensus Estimate of 24 cents. Earnings were down 35.6% year over year, primarily due to a negative financial impact of 30 cents per share from infant formula.
Net sales declined 8.4% year over year to $1.08 billion, missing the Zacks Consensus Estimate of $1.09 billion. The downside was due to lower net sales in infant formula and the negative impact of purposeful SKU prioritization actions to enhance margins as part of the company's Supply Chain Reinvention Program undertaken in 2022.