Lansing-based Neogen Corp. reports record sales, earnings

Neogen Corp. reported record sales and earnings for the third quarter of the 2016 fiscal year.

The Lansing-based Neogen (Nasdaq: NEOG), a producer of food and animal safety products, reported sales of $76.7 million for the three-month period that ended Feb. 29. That’s up 12 percent from the $68.4 million in the same period a year before.

Quarterly net income totaled $8.3 million, or 22 cents per share, versus $7.4 million, or 20 cents per share, in the third quarter of fiscal year 2015.

“We achieved these third quarter results despite the continuing currency headwinds that most American companies with significant global revenue streams are now facing,” Neogen Chairman and CEO James Herbert said in an earnings release. “Despite the challenges that negatively impacted our operating results, we are well-positioned globally to continue to grow Neogen well into the future.”

Gross revenue through the first nine months of the 2016 fiscal year grew 13 percent to $231.1 million, while the nine-month net income reached $26.7 million, or 71 cents per share.


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