Aceto Corp. reported Thursday that its profit for the April-June period fell 71 percent compared with a year earlier because of increased competition among makers of generic drugs, its primary business.
The Port Washington-based manufacturer of drugs and chemicals said its profit for the three months ended June 30 was $2 million, down from $6.8 million a year earlier.
Sales in the quarter totaled $194.6 million, a gain of 44 percent year over year. The increase was due in part to the addition of products from two companies in New Jersey, executives said.
CEO Sal Guccione said Aceto’s profit had been impacted by “continued price erosion on our more mature generic products and certain increased costs.” He also said these issues would continue in the fiscal year that began July 1.
For the year ended June 30, Aceto reported a profit of 11.4 million, a decrease of 67 percent from a year earlier. Sales were up 14 percent to $638 million.
The earnings announcement came after the stock market closed. Aceto shares fell 79 cents, or nearly 5 percent, to $15.25 in after-hours trading on the Nasdaq Stock Market. The stock is down 34 percent in the past 12 months.