Published on 7 Nov 2023 on Zacks via Yahoo Finance
Perrigo (PRGO) Lags on Q3 Earnings & Sales, Lowers '23 View
Perrigo Company plc PRGO reported adjusted earnings of 64 cents per share in third-quarter 2023, missing the Zacks Consensus Estimate of 65 cents. Earnings were up 14.3% year over year. The upside can be attributed to lower operating expenses incurred by the company during the quarter.
Net sales increased 2.2% year over year to $1.12 billion, missing the Zacks Consensus Estimate of $1.19 billion. The upside was driven by the acquisition of the U.S. & Canadian Good Start infant formula brand and favorable currency movement.
During the quarter, sales rose 2.1% on account of favorable currency movement. At constant currency (excluding foreign currency translation), sales rose 0.1%. Organic net sales (excluding the effects of acquisitions and divestitures and the impact of currency) were down 1.2% year over year.