April 30, 2009 / 11:52 AM / 10 years ago

UPDATE 1-Watson profit beats Street, raises forecast

* Q1 EPS 58 cents; Wall St view 49 cents

* Sees FY EPS $2.40-$2.52

NEW YORK, April 30 (Reuters) - Watson Pharmaceuticals WPI.N posted better-than-expected quarterly profit on Thursday, helped by strong performance of its generic drugs, and the company raised its full-year forecast.

First-quarter net income slipped to $49.1 million, or 43 cents per share, from $50.6 million, or 45 cents per share, a year earlier.

Excluding special items, earnings were 58 cents per share, 9 cents ahead of analysts’ average forecast, according to Reuters Estimates.

Revenue rose 6.5 percent to $667.4 million.

Watson forecast full-year earnings, excluding items, of $2.40 to $2.52 per share. It previously forecast $2.18 to $2.28. (Reporting by Lewis Krauskopf; editing by John Wallace)

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