Barr boss promises earnings will improve
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- May
- 8
The chief executive of Barr Pharmaceuticals Inc., which has research operations in Rockland County, said this morning the company’s first-quarter earnings were disappointing but will improve later in the year.
The company, the parent of Barr Laboratories Inc., earned $23 million, or 21 cents a share, in the quarter that ended in March. A year earlier, the company earned $12 million, or 11 cents a share.
On an adjusted basis that does not comply with generally accepted accounting principles, the company earned 57 cents a share, down from 73 cents last year.
Revenues were $608 million, up from $597 million.
Bruce L. Downey, the company’s chairman and chief executive, said: “While our results for the first quarter did not meet our expectations, we believe that these results will improve in the second half of the year and demonstrate the value of expanding our operations and markets outside the U.S.”
He said the company had strong sales in Germany, Russia and Poland.
This entry was posted
on Thursday, May 8th, 2008 at 8:01 am by Allan Drury.
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