UPDATE 1- American Dairy Q1 profit lags market view; shares fall
* Q1 EPS $0.25 vs est $0.31 * Q1 Sales fall 28 pct, miss estimates * Sees Q2 rev exceeding $60 mln vs est $59.8 mln
* Shares fall 8 pct after market
May 10 (Reuters) - American Dairy Inc ADY.N reported a 80 percent fall in quarterly profit, missing analysts' expectations, hurt by a steep decline in sales of its core product -- branded infant formula, sending its shares sliding 8 percent.
However, the company, which distributes premium infant formula and milk powder in China, expects second-quarter revenue to exceed $60 million, above analysts' expectations of $59.8 million, according to Thomson Reuters I/B/E/S.
First-quarter net income fell to $5.5 million, or 25 cents a share, from $27.8 million, or $1.55 a share, a year ago.
Revenue fell 28 percent to $81.4 million.
Analysts on average had expected a profit of 31 cents a share on revenue of $81.2 million for the period.
Revenue from branded infant formula products, which represented about 80 percent of sales, fell nearly 40 percent to $64.8 million during the first quarter.
Shares of the company were down 8 percent at $16.06 in extended trade. They closed at $17.38 Monday on the New York Stock Exchange. (Reporting by Viraj Nair in Bangalore; Editing by Jarshad Kakkrakandy) ((email@example.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: firstname.lastname@example.org))
- Islamic State executes soldiers, takes hostages at Syria base: social media |
- Breakthrough hopes dented as Ukraine accuses Russia of new incursion |
- Gaza truce holding but Israel's Netanyahu under fire at home |
- WHO shuts Sierra Leone lab after worker infected with Ebola
- IMF's Lagarde put under investigation in French fraud case |