Schiff Nutrition 1Q profit rises, ups 2013 outlook
SALT LAKE CITY (AP) — An acquisition and continued growth of key brands helped boost Schiff Nutrition's fiscal first-quarter net income by 28 percent.
The vitamin maker also raised its fiscal 2013 revenue forecast on Tuesday, citing its quarterly performance and expectations for the rest of the year.
Its shares rose 80 cents, or 3.8 percent, to $21.70 per share in premarket trading. That would top its 52-week high of $20.92 set on Monday if the premarket rise carries over into regular trading. Its shares traded as low as $9.21 in mid-January.
For the three months ended Aug. 31, Schiff Nutrition International Inc. earned $6 million, or 20 cents per share, up from $4.7 million, or 16 cents per share, a year ago.
This beat the 19 cents per share that analysts polled by FactSet expected.
Revenue increased 46 percent to $85.1 million from $58.2 million, buoyed by the acquisition of Airborne, which was completed in March.
Branded sales climbed 49.3 percent to $74.8 million partly because of the Airborne buyout.
President and CEO Tarang Amin said in a statement that Schiff has continued to work on building brands including MegaRed, MoveFree, Airborne and Digestive Advantage.
The Salt Lake City company now anticipates revenue rising 43 percent to 46 percent from $258.9 million in fiscal 2012. This implies revenue of about $371 million to $378 million. Its prior guidance was for a 40 percent to 43 percent increase.
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