Shares of Hi-Tech Pharmacal (NASDAQ:HITK) ticked higher Thursday after the company reported a stronger-than-expected second-quarter profit, helped by climbing demand for its generic drugs.
The Amityville, NY-based company posted net income of $10 million, or 76 cents a share, compared with $7.4 million, or 60 cents a share, in the same quarter last year, trumping the Street’s view of 56 cents.
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Revenue for the generic and over-the-counter drug maker was $44.9 million, down from $48.95 million a year ago, beating the average analyst estimates polled by Thomson Reuters of $42.47 million.
Hi-Tech CEO David Seltzer said the company is “pleased” with the “record quarter” in both sales and income.
Hi-Tech, which also makes nutritional products, attributed the growth to its generic pharmaceutical unit, up 13% to $36.8 million, helped by higher prices for some drugs and more units sold for others.
“Our business showed growth, led by robust performance of our generic pharmaceuticals,” Seltzer said. “Increased profitability has enabled the company to stay focused on the aggressive development program for liquid and sterile products where we see multiple opportunities for growth.”