Neogen Corporation (NEOG) has reported 23.78 percent rise in profit for the quarter ended Feb. 28, 2017. The company has earned $10.29 million, or $0.27 a share in the quarter, compared with $8.31 million, or $0.22 a share for the same period last year. Revenue during the quarter grew 15.20 percent to $88.38 million from $76.72 million in the previous year period. Gross margin for the quarter expanded 38 basis points over the previous year period to 46.25 percent. Total expenses were 83.76 percent of quarterly revenues, down from 85.33 percent for the same period last year. This has led to an improvement of 157 basis points in operating margin to 16.24 percent.
Operating income for the quarter was $14.35 million, compared with $11.25 million in the previous year period.
"We are pleased to report another record third quarter for our 34-year-old company," said James Herbert, Neogens chief executive officer and chairman. "This is especially noteworthy since international currency translations reduced both revenues and net income. However, we continue to grow in our mission-critical countries, regardless of the current currency environment, as they will be even more important to Neogens strategic plan in the years ahead."
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