Mylan Inc. Thursday reported net income for the second quarter rose 28 percent from a year earlier, to $177.7 million from $138.6 million, on revenue that edged up 1 percent. Per-share profit rose 40 percent, to 46 cents from 33 cents, reflecting fewer shares outstanding in the most recent period. Excluding acquisition-related costs and other special items, Mylan reported adjusted profit of $261.6 million, up 3 percent from $254 million a year earlier. On a per-share basis, adjusted profit was 68 cents vs. 60 cents, in line with Wall Street estimates.
Hurt by a strong U.S. dollar, revenue was $1.7 billion vs. $1.69 billion, lower than analysts' consensus estimate of $1.73 billion. The Cecil-based generic drugmaker said it expects revenue for the full year to be $7 billion, at the low end of its guidance of $7 billion to $7.4 billion. The company expects third-quarter profit will be lower than projected, but reaffirmed its earnings guidance for the full year. Shares rose 1.25 percent Thursday to close at $33.98.
Tube City parent TMS International reported a 17 percent drop in second quarter profits on a 6 percent decline in revenue and lowered its forecast for the year. The steel industry supplier said net income totaled $8.1 million, or 21 cents per share, on revenue of $631.4 million vs. earnings of $9.8 million, or 25 cents per share, and revenue of $669.4 million in the year-ago quarter.
Southpointe-based simulation technology company Ansys posted net income of $55.9 million, or 59 cents per share, up from $50.3 million or 53 cents per share the previous year. The company posted revenues of $214.9 million, up from $195 million the previous year and also repurchased 988,000 shares of stock at an average price of $74.35.
For the third quarter, Ansys is anticipating revenues between $209 and $215 million and diluted earnings per share between 55 and 59 cents. The company updated its fiscal year 2013 guidance to revenues ranging from $855 million to $870 million with diluted earnings per share between $2.29 and $2.38. Ansys closed at $88.93 per share Thursday, up 11 percent from the previous day.
Royal Dutch Shell
Royal Dutch Shell missed earnings estimates by the most since 2008 after unrest in Nigeria and writedowns in North America following unsuccessful exploration led to a 20 percent slump in results. Profit excluding one-time items and inventory changes slid to $4.6 billion in the second quarter from $5.7 billion a year earlier, Shell said Thursday.
The company, based in The Hague, has reduced capital employed in North American shale resources to about $24 billion from $28 billion last year.
Saxonburg-based laser and infrared optics company II-VI reported fourth quarter net income of $10 million, or 16 cents per share, down from $14.4 million, or 22 cents per share the previous year. Revenues increased 13 percent to a record $155 million for the quarter, up from $136.9 million during the same period the previous year.
For the fiscal year II-VI saw net income of $50.8 million, or 80 cents per share, down from $60.3 million, or 94 cents per share, the same period last year. Revenues for 2013 hit a record of $558.4 million, up 4 percent from $534.6 million last fiscal year.
II-VI also announced that its Philippines-based subsidiary, Pacific Rare Speciality Metals & Chemicals Inc., will discontinue its tellurium product line and will scale down its selenium product line.
For the first quarter of 2014, II-VI is projecting revenues between $140 million and $145 million and earnings per share between 18 and 23 cents. The company expects to see revenues increase between 6 and 9 percent and earnings per share to increase between 20 and 30 percent during the 2014 fiscal year. II-VI closed at $17.70 Thursday, up .1 percent from the day before.
From staff and wire reportsbusinessnews