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CANONSBURG - Generic drugmaker Mylan Inc. said Thursday it posted a loss during the third quarter on a mix of lower revenue and costs for a legal settlement.
The Southpointe-based company lost $40 million, or 13 cents per share, compared with profit of $182.4 million, or 47 cents per share, a year earlier.
Revenue slid 24 percent to $1.26 billion from $1.66 billion, mainly because of a tough comparison. In the prior year's third quarter, the company received a $455 million boost to revenue from the sale of Bystolic product rights. It had no such additional revenue in the most recent quarter.
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Total generic drug revenue rose 3.7 percent, to $1.12 billion from $1.08 billion. North American revenue rose 9.2 percent to $502.5 million.
Looking ahead, the company boosted its profit guidance to a range of $1.24 to $1.28 per share. In July, it set guidance at $1.13 to $1.20 per share.
Analysts expect full-year profit of $1.17 per share.
In premarket trading, Mylan shares rose 53 cents, or 3.4 percent, to $16.30.
Allegheny Energy 3Q profit falls 14 percent
GREENSBURG - Allegheny Energy Inc., an electricity and natural gas provider, on Thursday said its third-quarter earnings dropped 14 percent on interest and hedging charges.
The company also was hurt by weak economic conditions which continued to hamper demand for energy and pressured power prices. Additionally, planned outages at one of the company's power plants reduced operating revenues.
Quarterly earnings fell to $77 million, or 45 cents per share, from $89 million, or 52 cents per share, during the same period last year.
The latest quarter's results include $19.3 million in a one-time interest expense related to a debt tender offer and a hedging charge of $18.3 million. Excluding special charges, adjusted earnings were 59 cents per share.
Analysts polled by Thomson Reuters projected profit of 53 cents per share. Analysts typically exclude one-time items from their estimates.
Improved results in the company's regulated delivery and transmission business drove improvement in adjusted earnings.
Revenue declined 7 percent to $793.7 million from $849.6 million. Analysts forecast revenue of $952.1 million.
Ansys named to Forbes best companies list
CANONSBURG - Simulation software developer Ansys Inc. said Thursday it has been included on the Forbes 200 Best Small Companies in America list, ranking 85th. This is the seventh time that Southpointe-based Ansys has made the list over the past nine years.
The list comprises financially solid small-cap businesses that have annual revenues between $5 million and $750 million, have traded publicly for at least a year and are priced over $5. Rankings are based on earnings and sales growth, along with return on equity in the past 12 months and over five years. Stock performance of each company was compared with that of its peers.
Forbes is the nation's leading business magazine, with a North American circulation of more than 900,000.
