Neogen Corp (NEOG) shares surged 17.35% in Thursday's pre-market trading session following the release of its better-than-expected first-quarter earnings report for fiscal year 2026. The food and animal safety products company demonstrated robust financial performance, surpassing analyst estimates and providing an optimistic outlook for the fiscal year.

According to the earnings release, Neogen reported Q1 revenue of $209.189 million, significantly beating the analyst consensus estimate of $204.2 million. The company's earnings per share came in at $0.17, with a net income of $36.338 million for the quarter. Adjusted figures showed an EPS of $0.04, meeting analyst expectations, and an adjusted EBITDA of $35.5 million, indicating strong operational performance despite a slight year-over-year revenue decline of 3.6%.

Looking ahead, Neogen provided an optimistic outlook for the full fiscal year 2026, projecting revenue between $820 million and $840 million, which exceeded analyst estimates. The company also expects adjusted EBITDA in the range of $165-175 million. This positive guidance, coupled with the impressive Q1 results and recently implemented cost-cutting initiatives, including a company-wide headcount reduction, appears to have bolstered investor confidence, driving the substantial pre-market stock price increase.