4Q17 EPS In-Line; Lowering FY18 Estimate Slightly
- 4Q17 (May) EPS of 32 cents (vs 26 cents last year) were up 25% YoY, in-line with our estimate;
- FY17 EPS increased 19% to a record $1.14 (vs $0.97);
- For FY18, our EPS estimate is now $1.33 (from $1.36), up 17% from FY17, benefitting from improving margins and new products but offset by the terminated distribution agreement and continued drag from the shutdown of Neogen’s canine thyroid product;
- We are introducing our FY19 EPS estimate at $1.55, up 16% from our FY18;
- On July 17, 2017, the Company announced founder James Herbert (76) will be replaced by John Adent (49) as CEO, effective immediately (refer to July 17, 2017 Wire).
Neogen develops, manufactures, and markets a line of products for food and animal safety. The company's segments are: Food Safety, which is engaged in the development, production and marketing of diagnostic test kits and related products used by food producers and processors to detect harmful natural toxins, foodborne bacteria, allergens and levels of general sanitation; and Animal Safety, which is engaged in the development, production and marketing of products dedicated to animal safety, including a range of consumable products marketed to veterinarians and animal health product distributors, and provides genomic identification and related interpretive bioinformatic services.
Great Lakes Review is located in Cleveland, Ohio, was founded in 1981 and became a division of Wellington Shields & Co. LLC in 2011. Great Lakes Review is a research boutique focused on the fundamentally-oriented investor seeking companies that dominate their respective specialty niche regardless of industry. The objective is to make money for the long-term by gradually accumulating a diversified portfolio from a universe of no more than 30 companies. Although short-term-oriented accounts will be alerted to trading opportunities, aggressive sell recommendations are triggered only by a deterioration in long-term fundamentals, not by short-term blips or investor fancy. Coverage of those names that lose their earnings momentum or earnings predictability may be dropped and replaced with more vital candidates.
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