(RTTNews) - Elanco Animal Health Inc. (ELAN) reported Tuesday a net loss for the third quarter of $1.10 billion or $2.22 per share, sharply wider than $65.0 million or $0.13 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $0.18 per share, compared to $0.17 per share in the year-ago quarter.
Total revenues for the quarter increased 4 percent to $1.07 billion from $1.03 billion in the same quarter last year. Revenues were up 5 percent excluding the unfavorable impact from foreign exchange rates.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.12 per share on revenues of $1.04 billion for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to the fourth quarter, the company expects a loss in a range of $0.23 to $0.17 per share and adjusted earnings in a range of $0.07 to $0.13 per share on revenues between $978 million and $1.02 billion, with constant currency revenue growth of 1 to 4 percent.
Analysts expect earnings of $0.11 per share on revenues of $1.02 billion for the quarter.
For fiscal 2023, the company now projects a loss in a range of $2.43 to $2.37 per share and adjusted earnings in a range of $0.88 to $0.94 per share on revenues between $4.36 billion and $4.40 billion, with constant currency revenue to be between flat and a 1 percent increase.
Previously, the company expected a loss in the range of $0.34 to $0.26 per share and adjusted earnings in the range of $0.80 to $0.89 per share on revenues between $4.35 billion and $4.10 billion.
The Street is looking for earnings of $0.85 per share on revenues of $4.37 billion for the year.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
