Omnicare Inc.'s (OCR) first-quarter earnings fell 42%, though adjusted results still topped analysts' estimates, as margins declined and the company saw a bigger loss from discontinued operations.
The provider of drugs to nursing homes and assisted-living centers has struggled with falling earnings in recent quarters, hurt by litigation charges and other expenses.
Omnicare reported a profit of $29.3 million, or 26 cents a share, down from $50.9 million, or 43 cents, a year earlier. Excluding litigation settlement and other items, earnings per share fell to 52 cents from 59 cents. Revenue rose 2.3% to $1.53 billion.
Analysts polled by Thomson Reuters had most recently forecast earnings of 50 cents on $1.52 billion in revenue.
Gross margin fell to 22.1% from 23%. The company's loss from discontinued operations widened to $21.2 million from $7.3 million in the year-earlier period.
Shares were inactive premarket after closing the prior day at $32.71. As of the close, the stock had risen 15% the past year.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855; email@example.com;