ACETO Corporation Reports Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended June 30, 2017; Provides Earnings Guidance for the Fiscal Year Ending June 30, 2018
For the full year, the company's net sales were $638,318,000 against $558,524,000 a year ago. Operating income was $30,554,000 against $58,028,000 a year ago. Income before income taxes was $17,361,000 against $53,854,000 a year ago. Net income was $11,376,000 against $34,766,000 a year ago. Diluted net income per common share was $0.35 against $1.18 a year ago. Adjusted net income was $38,687,000 or $1.19 per diluted share against $44,425,000 or $1.50 per diluted share a year ago.
For the fiscal year ending June 30, 2018, the company is providing financial guidance as follows: Total revenues to increase approximately 20% to 25%; reported diluted GAAP earnings per share to increase to between $0.55 and $0.70; and diluted Non-GAAP earnings per share to increase to between $1.25 and $1.40. The company's fiscal 2018 financial guidance is based in part on the assumptions: Generic products annual price erosion in the upper single digits percentage; R&D expense of $10 to $13 million; and total generic product launches of 15 to 20.