Taro beats forecasts with record income, sales

Q3 net income rose 131% to $7.3m, or 29 cents per share
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Taro Pharmaceutical Industries (Nasdaq:TARO) today reported its 13th straight quarter of record net income, and 23rd consecutive quarter of record sales.

Third-quarter sales increased to $41.4 million, up 52% from the comparable quarter of 2000, the company reported. The highest analyst estimate had been $39.9 million.

Net income rose 131% from the parallel to $7.3 million, or 29 cents per share, from $2.8 million, or $0.12 per diluted share. Analysts had expected 26 cents per share.

Operating income before R&D costs was $14.8 million, up 79% from the parallel.