Neogen reports Q1 adjusted EPS 7c vs. 11c last year

Reports Q1 revenue $217.0M vs. $229.0M last year. “During the first quarter, the focus of our teams shifted from managing through the initial complexity of exiting the transition service agreements from the 3M transaction to gaining market share,” said CEO John Adent. “The system-related issues in our distribution center that impacted our order fulfillment rates were resolved and the business was not constrained by shipping….Operationally, our margins in the quarter were affected by the lower total volumes, as well as some higher costs in the area of shipping and distribution. We have mitigating initiatives currently underway and will be taking additional targeted actions to protect margins…Our commercial teams are having an increasing amount of constructive dialogue with customers on this front and we’re looking forward to continuing to demonstrate our capabilities as a reliable, knowledgeable source of leading food safety testing solutions.”