Hi-Tech Pharmacal: 76 Cents EPS, Beats Estimates (HITK)

Hi-Tech Pharmacal Co., Inc. HITK announced on Thursday morning that it easily beat consensus Wall Street estimates. Hi-Tech Pharmacal Co., Inc reported that its 2nd quarter net income rose to $10.0 million, or 76 cents per share, up from $7.4 million, or 60 cents per share, a year earlier. Hi-Tech Pharmacal Co., Inc. (HITK) reported revenue of $44.89 million, up from $40.88 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 56 cents per share, on revenue of $42.47 million. President and CEO said, “We are pleased with a record quarter in terms of both sales and net income. Our business showed growth, led by robust performance of our generic pharmaceuticals. Increased profitability has enabled the Company to stay focused on the aggressive development program for liquid and sterile products where we see multiple opportunities for growth. We are also pleased with the performance of our branded prescription and OTC divisions and continue to look for near and long term acquisition and licensing opportunities to grow both businesses.” Hi-Tech Pharmacal Co., Inc closed the previous trading day at $24.37 per share. Analysts covering the company's stock give it a consensus price target of $27.25 per share. Read more from Benzinga's Company news.