Omnicare reports 4Q loss on charges
Omnicare Inc., which sells drugs to nursing homes and long-term care facilities, on Thursday reported a loss in the fourth quarter on a series of litigation and restructuring charges.
The company lost $65.3 million, or 57 cents per share, compared with net income of $79.8 million, or 68 cents per share, during the same period a year earlier. Revenue rose 1 percent to $1.56 billion from $1.54 billion.
Excluding restructuring and other charges, the company said it earned 51 cents per share, down from 74 cents per share a year earlier. Analysts polled by FactSet expected net income of 50 cents per share on $1.57 billion in revenue.
Omnicare said its pharmacy services revenue rose 2 percent to $1.53 billion. Revenue from Omnicare's clinical research business fell 25 percent to $25.7 million.
For the full year, the company lost $106.1 million, or 91 cents per share, compared with profit of $211.9 million, or $1.80 per share, in 2009. Revenue fell to $6.15 billion from $6.17 billion.
Looking ahead, the company expects 2011 adjusted profit from continuing operations between $2.05 and $2.15 per share on revenue between $6 billion and $6.1 billion. Analysts expect 2011 profit of $2.18 per share on revenue of $6.3 billion.
Shares of Omnicare rose $1.80, or 6.9 percent, to $27.71 in morning trading. The stock has traded between $19.14 and $30.63 over the last 52 weeks.