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UPDATE 1-Omnicare first-qtr profit rises as expenses fall
May 6, 2010 / 12:36 PM / 8 years ago

UPDATE 1-Omnicare first-qtr profit rises as expenses fall

* Adjusted profit from continuing operations 58 cents

* Estimate was 59 cents

CHICAGO, May 6 (Reuters) - Omnicare Inc OCR.N reported higher quarterly net earnings on Thursday, even as sales dipped slightly, on lower costs and charges.

First-quarter net earnings were $50.9 million, or 43 cents per share, compared with $30.9 million, or 26 cents per share, in the year-earlier quarter, when it took hefty legal and other charges.

Adjusted earnings from continuing operations were 58 cents per share.

Analysts on average had expected 59 cents per share, according to Thomson Reuters I/B/E/S.

Revenue was $1.52 billion in the quarter, down from $1.54 billion a year ago. Analysts had looked for $1.54 billion. (Reporting by Debra Sherman, editing by Gerald E. McCormick)

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