Actavis reports 2Q profit following loss in the same quarter last year

Actavis PLC (ACT) on Tuesday reported a second-quarter profit after posting a loss in the same period a year ago. The company's results beat analysts' expectations.

The Dublin-based company reported net income of $48.7 million, or 28 cents per share, compared with a loss of $564.8 million, or $4.27 per share, in the same quarter a year ago.

Earnings, adjusted for one-time gains and costs, were $3.42 per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $3.37 per share.

The company said revenue rose 34 percent to $2.67 billion from $1.99 billion in the same quarter a year earlier, and beat Wall Street forecasts. Analysts expected $2.56 billion, according to Zacks.

Actavis shares have increased $47.77, or 28 percent, to $215.77 since the beginning of the year, while the Standard & Poor's 500 index has risen 4.9 percent. The stock has climbed $78.92, or 58 percent, in the last 12 months.