UPDATE: Forest Laboratories Posts FQ3 Profit, Lifts FY14 Outlook
Forest Laboratories (NYSE: FRX) posted a profit in the fiscal third quarter.
For the full fiscal year, Forest Labs lifted its earnings forecast to $1.25 to $1.35 per share, versus its earlier outlook of $0.95 to $1.15 per share.
Forest Labs posted its quarterly profit of $18 million, or $0.07 per share, versus a year-ago loss of $153.6 million, or $0.58 per share. Excluding certain items, its adjusted earnings came in at $0.27 per share.
Its revenue gained 25% to $846.8 million. However, analysts were projecting earnings of $0.04 per share on revenue of $827 million.
Forest Labs shares closed at $68.74 on Friday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.