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Aug. 11, 2021, 7:42 a.m. EDT

UPDATE: Perrigo shares slide about 10% premarket as earnings fall short of estimates

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By Ciara Linnane

Perrigo Co. Plc shares /zigman2/quotes/201110862/composite PRGO -0.11% slid about 10% in premarket trade Wednesday, after the Dublin, Ireland-based consumer self-care company swung to a loss for the second quarter and lagged consensus estimates. The company swung to a loss of $112 million, or 84 cents a share, in the quarter, after income of $12 million, or 9 cents a share, in the year-earlier period. Adjusted per-share earnings came to 50 cents, below the 60 cents FactSet consensus. Sales rose to $981.1 million from $948.8 million, but were also below the $1.018 billion FactSet consensus. Chief Executive Murray S. Kessler said sales rose at most of the company's businesses apart from the over the counter market in the U.S., which was hurt by year-on-year inventory reductions and a weak cough and cold season. "Most importantly, consumer take away rebounded sharply in Q2 on all businesses including cough/cold, according to IRI MULO, which bodes well for the second half. The decline in earnings this quarter was the result of these factors, the reinstatement of brand building support to pre-COVID-19 levels and higher input costs," Kessler said in a statement. The company is now expecting full-year adjusted EPS to come in toward the lower end of its range of $2.50 to $2.70. Shares have gained 10% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.84% has gained 18%.

/zigman2/quotes/201110862/composite
US : U.S.: NYSE
$ 35.79
-0.04 -0.11%
Volume: 1.27M
Dec. 3, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
2.68%
Market Cap
$4.79 billion
Rev. per Employee
$440,261
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/zigman2/quotes/210599714/realtime
US : S&P US
4,538.43
-38.67 -0.84%
Volume: 2.71B
Dec. 3, 2021 5:35p
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