The Lansing, Michigan-based company was trading down 9.1% to $55.06 as both net earnings for the fiscal third quarter and earnings per share slid.
Earnings per share fell to 25 cents from 32 cents from the same time a year ago; net income, meanwhile, dropped to around $13 million from nearly $16.6 million a year prior.
The company noted, however, that last year's third-quarter earnings included "favorable tax adjustments" that saved it $2.9 million thanks to tax-reform legislation passed in 2017.
"The quarterly results we are reporting today reflect a number of challenges in the quarter, including continued weakness in the global animal protein market and currency translation headwinds," said John Adent, Neogen's president and chief executive, in a press statement.
Calling performance in the company's animal safety operations "disappointing," Adent noted the company saw stronger demand for Neogen's core food safety and genomic products.
Revenue for the third quarter ended Feb. 28 rose to $97.7 million, up 3% from nearly $95 million in the prior-year period.
Neogen creates food-safety and animal-safety products, such as test kits to detect food-borne bacteria, toxins, allergens, and drug residues, as well as animal genomics testing products. It also makes pharmaceuticals for animals and veterinary instruments. It's products include disinfectants that can kill African Swine Fever and tests that can detect allergens such as coconut in foods and drinks before they go to market.
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