Dr. Reddy’s Laboratories (NYSE:RDY) reported its quarterly earnings figures on Friday, bringing in a profit that increased year-over-year and revenue that came in ahead of what Wall Street projected in its consensus guidance, yet RDY stock took a step back.
The India-based business announced that for its fourth quarter of its fiscal 2019, it raked in earnings of 38 cents per ADS, which was roughly 12 cents higher than the company’s profit from the same period in its fiscal 2018. Its revenue also impressed, coming in at $581 million for the three-month period.
This amount was 13.7% higher than it was during the year-ago quarter for Dr. Reddy’s, while also topping the Zacks Investment Research, which foresaw the company raking in sales of $565.45 million. Revenue from the company’s Global Generics segment was up 9% year-over-year, while the Pharmaceutical Services and Active Ingredients segment saw sales surge 8% year-over-year.
Dr. Reddy’s added that its Proprietary Products segment gained 139% year-over-year. For the fiscal year, the company brought in sales of $2.2 billion, gaining 8.3% when compared to the year-ago quarter.
Earnings for its fiscal 2019 tallied up to $1.64 per ADS, marking a whopping gain of 92.9% when compared to the year-ago quarter.
RDY stock is down about 1.6% on Friday despite the company unveiling quarterly earnings results that came in ahead of what Wall Street called for in its consensus estimate. Shares had been gaining 0.2% during pre-market trading.