“`html
Neogen Corporation (NEOG) reported third-quarter fiscal 2026 adjusted earnings per share of 9 cents on October 16, 2023, a 10% decline year-over-year, but exceeding the Zacks Consensus Estimate by 125%. Revenues for the quarter dropped 4.4% year-over-year to $211.2 million, with core revenues slightly increasing by 0.1% and surpassing estimates by 3.3%.
In its Food Safety segment, revenues reached $156.7 million, a 2.6% year-over-year increase, while the Animal Safety segment saw revenues decline to $54.5 million, a drop of 20.1%. Gross profit decreased by 10.2% year-over-year to $99 million, leading to a gross margin contraction to 46.9%.
Neogen has revised its fiscal 2026 revenue projection to between $857 million and $860 million, up from a previous estimate of $845 million to $855 million. The company has also announced an agreement to sell its global Genomics business to Zoetis Inc. for $160 million, expected to close by the end of the second quarter of fiscal 2027.
“`
