Business
Neogen Announces Third Quarter Results
Solid year-over-year revenue growth showcases continued strength of products and markets Closing of announced agreement to merge with 3M's Food Safety
About this update from Neogen Corporation
[{"type":"text","content":"Solid year-over-year revenue growth showcases continued strength of products and markets\nClosing of announced agreement to merge with 3M's Food Safety business on track and company has made strong progress with integration plans\nLANSING, Mich., March 24, 2022 /PRNewswire/ -- Neogen Corporation (NASDAQ: NEOG) announced today the results of the third quarter of its 2022 fiscal year, which ended February 28. Revenues were $128,244,000, a 10% increase compared to the previous year's third quarter revenues of $116,709,000. This quarter marked the 119th of the past 125 quarters that Neogen has reported revenue increases compared to the same period in the prior year. Current year-to-date revenues were $387,066,000, up 14% compared to revenues of $341,034,000 for the same period a year ago.\n\"I am pleased to report solid top line growth for the quarter, with meaningful gains across our Food Safety, Animal Safety, and international operations,\" said John Adent, Neogen's President and Chief Executive Officer. \"Our results for the third quarter demonstrate the resilience of our business, particularly in an inflationary environment and amid continued supply chain disruptions. We are making significant progress with integration planning in anticipation of the closing of our transaction with 3M's Food Safety business, a deal that positions us at the forefront of this new era in food security with the resources, capabilities, and solutions to be a global food security provider.\"\nFinancial and Business HighlightsNet income for the third quarter was $5,443,000, or $0.05 per share, adversely impacted by $10.6 million of professional fees incurred in connection with Neogen's plan to combine 3M's Food Safety business with the company's existing operations, which was announced on December 14, 2021. Excluding the 3M deal-related costs, net income for the quarter would have been $13,600,000, or $0.13 per share, compared to $13,377,000, or $0.12 per share, in the previous year's third quarter.\nCurrent year-to-date net income was $33,348,000, or $0.31 per share; excluding $19.9 million in year to date 3M Food Safety deal costs, net income for the year to date would have been $48,807,000, or $0.45 per share, compared to $45,122,000, or $0.42 per share, for the same period a year ago.\nFor each comparative period above, earnings per share amounts ...