February 27, 2018 / 11:39 AM / 8 months ago

BRIEF-Mallinckrodt Plc Reports Fourth Quarter Adj. EPS Of $2.01

Feb 27 (Reuters) - Mallinckrodt Plc:

* REPORTS FOURTH QUARTER AND FISCAL 2017 RESULTS, ANNOUNCES 2018 GUIDANCE AND SETS 2018 STRATEGIC PRIORITIES

* Q4 SALES $792.3 MILLION

* Q4 GAAP EARNINGS PER SHARE $17.40 FROM CONTINUING OPERATIONS

* ‍ANNOUNCES 2018 GUIDANCE AND SETS 2018 STRATEGIC PRIORITIES​

* ‍2018 GUIDANCE FOR ADJUSTED DILUTED EARNINGS PER SHARE IS $6.00 TO $6.50​

* ‍$1.5 BILLION ONE-TIME BENEFIT IN QUARTER RESULTING FROM LEGAL ENTITY REORGANIZATION AND TAX REFORM​

* SEES 2018 TOTAL NET SALES FOR CONTINUING OPERATIONS INCREASE 3% TO 6%

* FY2018 EARNINGS PER SHARE VIEW $7.14, REVENUE VIEW $3.18 BILLION — THOMSON REUTERS I/B/E/S

* Q4 EARNINGS PER SHARE VIEW $1.69, REVENUE VIEW $774.2 MILLION — THOMSON REUTERS I/B/E/S

* ‍2018 STRATEGIC INITIATIVES INCLUDE FURTHER STREAMLINING ORGANIZATION​

* ‍WILL CONTINUE TO “REFINE” SENIOR MANAGEMENT TEAM​ IN 2018

* MALLINCKRODT SAYS SEEKS TO REDUCE ANNUAL SG&A SPEND BY $100 MILLION NO LATER THAN EARLY 2020S WHILE CONTINUING TO INCREASE RESEARCH AND DEVELOPMENT SPENDING

* ‍WILL PROSPECTIVELY CLASSIFY “SPECIALTY GENERICS DISPOSAL GROUP” AS DISCONTINUED OPERATIONS, WHICH INCLUDES SPECIALTY GENERICS SEGMENT​ Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)

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