By Katherine Hamilton

Neogen has posted a wider fiscal third-quarter loss and cut guidance as it prepares for tariffs and macroeconomic uncertainty.

The food- and animal-safety company on Wednesday posted a loss of $11 million, or 5 cents a share, in the three months ended Feb. 28, compared with a loss of $2 million, or 1 cent a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were 10 cents, behind the 11 cents forecast by analysts, according to FactSet.

Revenue fell 3.4% to $221 million. Analysts forecast revenue of $224.1 million.

The Lansing, Mich., company said it had lower operating income, which contributed to its wider loss. Sales declined in both its food-safety and animal-safety segments.

Neogen lowered its full-year outlook because of lower-than-expected third-quarter results and concerns that macroeconomic uncertainty and tariffs could affect its end markets in the fourth quarter, the company said.

Revenue is now expected to be $895 million, compared with last quarter's guidance range of $905 million to $925 million.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

By Katherine Hamilton

Neogen posted a wider fiscal third-quarter loss and cut guidance as it prepares for tariffs and macroeconomic uncertainty.

The food- and animal-safety company also said President and Chief Executive John Adent is stepping down after eight years and will serve until a successor is appointed.

Shares of the company closed down 10.3% at $7.04 in Tuesday's session. In premarket trading Wednesday, Neogen's stock was down 10.5%.

Neogen on Wednesday posted a loss of $11 million, or 5 cents a share, in the three months ended in February, compared with a loss of $2 million, or 1 cent a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were 10 cents, behind the 11 cents forecast by analysts, according to FactSet.

Revenue fell 3.4% to $221 million. Analysts forecast revenue of $224.1 million.

Neogen said it has formed a special committee made up of Board Chair Jim Borel, Thierry Bernad and Jeff Capello to search for Adent's replacement.

"The Board determined that now is the right time to begin a leadership transition and identify the Company's next CEO," Neogen said.

The Lansing, Mich., company said it had lower operating income, which contributed to its wider loss. Sales declined in both its food-safety and animal-safety segments.

Neogen cut its full-year outlook because of lower-than-expected third-quarter results and concerns that macroeconomic uncertainty and tariffs could affect its end markets in the fourth quarter, the company said.

Revenue is now expected to be $895 million, compared with last quarter's guidance range of $905 million to $925 million.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

April 09, 2025 07:56 ET (11:56 GMT)

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