Neogen Corp (NEOG) shares surged 7.04% in pre-market trading on Thursday following the release of its better-than-expected first-quarter earnings report. The food and animal safety products company demonstrated robust financial performance, surpassing analyst estimates and providing a positive outlook for the fiscal year.

According to the earnings release, Neogen reported Q1 revenue of $209.189 million, significantly beating the IBES 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 a net income of $9.4 million and an adjusted EBITDA of $35.5 million, indicating strong operational performance.

Looking ahead, Neogen provided an optimistic outlook for the full fiscal year, projecting adjusted EBITDA in the range of $165-175 million and revenue between $820-840 million. This positive guidance, coupled with the impressive Q1 results, appears to have bolstered investor confidence, driving the substantial pre-market stock price increase.