Business briefs
Mylan profits surge in first quarter
Generic drug giant Mylan saw first-quarter profits surge on higher revenue that was boosted by acquisitions, but hurt by lower EpiPen sales. Net income quadrupled to $66.4 million, or 12 cents per share, up from $13.9 million, or 3 cents, in the same quarter last year. Excluding special items, adjusted earnings rose 22 percent to 93 cents per share from 76 cents, in line with Wall Street estimates. Revenue rose 24 percent to $2.72 billion from $2.19 billion a year ago, missing the average estimate of $2.84 billion. The company said EpiPen sales fell an undisclosed amount during the quarter because of increased competition and Mylan’s launch of a halfprice generic EpiPen. Mylan is headquartered in the Netherlands, but its operations base is in Cecil.
Airport authority taps new development chief
Nearly two years after the man responsible for developing the land around Pittsburgh
Washington Countybased Black Box Corp. reported a smaller fourthquarter loss than the previous fiscal year. The struggling communication and information technology equipment company reported a net loss of $1.8 million in its fourth quarter ended March 31, compared to a loss of $47.7 million for the same period a year ago. The earnings per share loss was 12 cents, compared to a loss of $3.13 per share a year ago. Revenue for the last quarter of fiscal 2017 fell 7.7 percent to $208.1 million, down from $224.1 million a year ago. The company reported a net loss of $7.1 million for the full fiscal year, down from a loss of $171.1 million the previous year. Net loss per share was 47 cents per share, compared to a loss of $11.18 per share for fiscal year 2016. Revenue for the fiscal year fell 6.7 percent to $855.7 million, down from $912.7 million a year ago. From staff and wire reports