Albany Molecular Research Reports Mixed Results (AMRI)

Albany, New York-based Albany Molecular Research, Inc. AMRI released financial results on Monday morning that missed Wall Street earnings estimates, while beating revenue expectations. Albany Molecular Research, Inc announced that its 4th quarter net loss widened to $49.1 million, or $1.65 per share, compared to a net loss of $19.2 million, or 62 cents per share, a year earlier. Excluding special items, the company reported a loss of 16 cents per share. Albany Molecular Research, Inc reported revenue of $48.6 million, up 12% from $43.4 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for a loss of 15 cents per share, on revenue of $47.87 million. Albany Molecular Research, Inc. (AMRI) finished the previous trading day at $4.89 per share. The consensus price target of analysts covering the company's stock is $5.50 per share. Chief Financial Officer Mark T. Frost said, “For the full year 2010 our book to bill ratio was 1.26. Based on this and our current backlog of projects we are optimistic about our revenue growth for 2011. In the first quarter, we expect contract revenue to range from $37 million to $41 million. For the full year 2011, we expect contract revenue to range from $179 million to $187 million, an increase of up to 15% versus 2010.” Albany Molecular Research, Inc works on drug discovery and development projects and conducts manufacturing of active ingredients and pharmaceutical intermediates for many of the world's leading healthcare companies. Read more from Benzinga's Company news.