August 6, 2008 / 2:12 PM / 12 years ago

UPDATE 1-Albany Molecular Q2 profit up; raises '08 outlook

(Recasts; adds details, share movement, outlook)

Aug 6 (Reuters) - Albany Molecular Research Inc AMRI.O posted a 24 percent rise in quarterly profit, helped by strong growth in contract revenue in two of its business segments, and raised its 2008 outlook for the second time this year, sending its shares up as much as 17 percent.

The drug discovery company reported second-quarter net income of $5.7 million, or 18 cents a share, compared with $4.6 million, or 14 cents a share, a year ago.

Excluding a restructuring charge, the company earned 24 cents a share.

Revenue rose 17 percent to $57.9 million.

One analyst expected earnings of 10 cents, before special items, on revenue of $51.8 million, according to Reuters Estimates.

Contract revenue for the company’s discovery services segment rose 54 percent to $14.8 million, while the development/small scale manufacturing segment posted a 43 percent rise at $15.3 million.

Albany Molecular also forecast third-quarter earnings of 8 cents to 10 cents, a share and contract revenue of $47 million to $49 million.

One analyst was expecting earnings of 7 cents a share, before special items, for the period.

The company now expects 2008 profit of 48 cents to 52 cents a share, up from its prior outlook of 38 cents to 42 cents a share. It sees contract revenue of $186 million to $190 million for the period.

One analyst was expecting earnings of 38 cents a share, before special items.

Albany Molecular shares, which touched a high of $17.7 earlier in the session, were up $2.08 at $17.19 in morning trade on Nasdaq. (Reporting by Anand Basu in Bangalore; Editing by Amitha Rajan)

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