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Hi-Tech Pharmacal shares up on earnings report
Shares of drugmaker Hi-Tech Pharmacal Co. shot up 13 percent Thursday after its second-quarter results beat expectations.
The Amityville company’s stock closed at $35.25 per share on news that sales rose 1 percent during August, September and October to $57.5 million. Analysts had forecast revenue of $55.1 million.
Hi-Tech’s profits, however, fell 35 percent to $8.9 million, or 66 cents per share, as sales dropped for its generic version of the nasal spray Flonase. The company also lost four days of shipping and a full week of manufacturing because of superstorm Sandy.
Hi-Tech Pharmacal employs about 425 people, including roughly 290 on Long Island. It also has a facility in Richmond, Va.