, a global healthcare supplier and manufacturer of over-the-counter pharmaceutical and nutritional products, said its first-quarter profit rose 36%.
The Allegan, Mich.-based company earned $17.5 million, or 19 cents a share, in the quarter, compared with 12.9 million, or 14 cents a share, a year ago. The first quarter of fiscal 2006 included an acquisition-related write-off of the step-up in the value of inventory acquired, of about $3.7 million, or 4 cents a share. Analysts polled by Thomson First Call were expecting earnings of 19 cents a share in the most recent quarter.
First-quarter revenue rose 7% to $340.9 million. Analysts were expecting revenue of $331.1 million.
Sales from consumer healthcare segment in the quarter rose 7% to $242.5 million.
"Fiscal 2007 is off to a good start, with year-over-year sales increases across our entire business portfolio," said the company. "New product launches led by the smoking cessation category continue to be a driver for consumer healthcare's performance. At the same time, we are in the process of launching over twenty newly reformulated cough/cold products in order to meet the retailers' and consumers' needs for the current season."
Shares of Perrigo were trading down 8 cents, or 0.4%, to $17.98 Tuesday.
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