Neogen reports Q2 adjusted EPS 11c vs. 15c last year

Reports Q2 revenue $229.6M vs. $230.0M last year. “This is an exciting time on the journey of integrating the former 3M Food Safety business, as we have made notable recent progress and are approaching several additional milestones,” said CEO John Adent. “We initiated the exitM of our transition services agreements, successfully completed the initial phases of the integration of two additional product lines and remain on track to exit all transition agreements outside of Petrifilm manufacturing, where supply has remained stable. Beyond the integration progress, our results for the quarter were in line with the expectations we communicated…Despite the macro environment remaining challenging, we, encouragingly, are seeing our end markets beginning to show signs of improvement…With the greater visibility afforded to us by the first half of the year, however, we believe our end markets are improving at a pace slower than what was originally contemplated in our guidance and we are accordingly updating our outlook. With signs that the most significant external headwinds are stabilizing, we are focused on the value-creation opportunity we believe is ahead of us as we make continued progress on the integration and positioning the business for long-term growth.”