Mallinckrodt Q3 Loss Narrows; Ups FY14 Forecast - Quick Facts

(RTTNews) - Mallinckrodt plc (MNK), Thursday reported narrower loss for the third quarter, reflecting higher sales, pricing, and lower costs. In addition, the company lifted its annual financial outlook. The company's net loss reduced to $24.1 million or $0.41 per share from $27.9 million or $0.48 per share a year ago. On an adjusted basis, the company earned $1.20 per share. On average, 7 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.87 per share for the quarter. Analysts' estimates typically exclude one-time items. The company said there has been a $42.4 million decline in separation costs compared with the year-ago period.

Driven by the inclusion and performance of OFIRMEV, which was acquired in March 2014, quarterly sales rose by 14.6 percent to $653.1 million from $570.0 million last year. Analysts expected revenue of $278.83 million. Looking ahead, the company now expects adjusted earnings per share in the range of $4.00 - $4.30, up from the prior range of $3.30 - $3.60. Revenue forecast was raised to $2.35 billion - $2.45 billion, from the previous forecast of $2.28 billion - $2.38 billion. Analysts expect earnings per share of $3.53 on revenues of $2.38 billion.