Phibro Animal Health Corp.
shares plummeted in the extended session Tuesday after the animal health and nutrition-products maker missed Wall Street estimates and said demand from China has declined due to an outbreak of swine fever. Phibro shares fell 25% after hours, following a 0.6% decline in the regular session to close at $31.57. The company reported fiscal fourth-quarter net income of $8.8 million, or 22 cents a share, compared with $22.1 million, or 55 cents a share, in the year-ago period. Adjusted earnings were 33 cents a share. Revenue declined to $203.9 million from $211.8 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 36 cents on revenue of $206 million. “The effects of African Swine Fever, as discussed last quarter, have significantly impacted our performance in the June quarter and will have an even larger impact in the new fiscal year,” said Jack Bendheim, Phibro chairman, president and chief executive, in a statement.
Go to Source