LANSING, Mich. (AP) — Food and animal testing company Neogen said Tuesday its net income rose 17 percent in the fiscal first quarter on greater revenue outside the U.S.
The company said its food testing revenue grew 15 percent to $30 million and animal testing revenue rose 21 percent to $28.6 million during the quarter. Neogen said revenue from Europe climbed 54 percent, mainly on greater sales of food safety diagnostics like tests for mycotoxins, food allergens, and meat speciation. The company said sales in Latin America and South America also improved.
Neogen said its net income rose to $7.8 million, or 32 cents per share, for the three months ended Aug. 31. That compared with $6.7 million, or 28 cents per share, in the same period last year. Revenue increased 18 percent, to $58.5 million from $49.7 million.
Analysts, on average, were expecting net income of 32 cents per share and $56.3 million in revenue, according to FactSet.
Neogen Corp. shares gained 50 cents to $60.21 in morning trading.