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Sales & Earnings In Brief

This article was originally published in The Tan Sheet

Executive Summary

Perrigo Q2 results: Private labeler tells analysts Jan. 24 it will take a $1.9 mil. charge in fiscal second quarter ended Dec. 29 due to Kmart's bankruptcy filing. Although shipments to struggling retailer declined in past two months, President and CEO David Gibbons says he expects regular shipping levels to return in February. Company also sold its LaVergne, Tenn. distribution center for $14.2 mil. in Q2. Perrigo three-month cough/cold sales rose 16%, while GI revenues jumped 12% as a result of famotidine 10 mg (Pepcid AC) uptake. Net sales rose 20.6% to $228.7 mil. in Q2, net income jumped over 1,900% to $16.6 mil. Percentages, particularly earnings, reflect year-ago charges due to Perrigo's recall of PPA products...
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