- Thinly traded micro cap Aceto Corp . (ACET -26.9%) slumps on more than triple normal volume after announcing fiscal Q2 results and softer guidance after the close yesterday. Earnings and revenue both missed consensus.
- Net sales: $171.2M (+36.3%); net loss: ($13.9M) (-999%); non-GAAP net income: $7.6M (+4.7%); loss/share: ($0.39) (-999%); non-GAAP EPS: $0.22 (-8.3%).
- CEO William Kennally III says, “As we look to the second half of fiscal 2018, our operating assumption is the generic industry headwinds will not ease in the near term and we now have greater clarity on the impact of harmonization from customer consolidations. Adverse market conditions are impacting the sales, profitability and market share of certain Rising products to a greater degree than anticipated and a number of API projects which were scheduled to be monetized in the second half of the year have been discontinued. As a result of these factors, although we remain on track to launch 15-20 generic products this year, we are reducing our outlook for fiscal year sales and profitability and now expect our overall results for the second half of the year to be only modestly better than the first half."
- Fiscal 2018 guidance: revenue growth: 10 - 15% from 15 - 20%; loss/share: ($0.22 - 0.32) from ($0.23 - 0.33); non-GAAP EPS: $1.00 - 1.05 from $1.05 - 1.15.
- Expected generic product launches: 15 - 20.
- Previously: Aceto misses by $0.01, misses on revenue (Feb. 1)
- Now read: Eastman Chemical Co. 2017 Q4 - Results - Earnings Call Slides
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