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Key Morning Earnings for May 10: AGN, DF, TAST

As Q1 earnings season winds down, the last of the companies to report are posting their earnings results. On Tuesday, three big names in the food and pharmaceuticals industries reported their quarterly earnings before the bell. Let’s take a look.

Allergan Plc. AGN

The Dublin, Ireland-based pharmaceutical developer reported Q1 earnings per share of $3.04 (excluding $2.57 from non-recurring items), surpassing the Zacks Consensus Estimate of $2.99 per share. Revenues of $3.79 billion, however lagged slightly behind our consensus estimate of $3.96 billion and decreased 10.4% year-over-year.

Allergan’s branded products like Botox, Restasis and Namenda XR brought in sales of $637.5 million, $313.7 million and $173.1 million, respectively. The company reiterated its 2016 outlook, with total net revenues expected to be roughly $17 billion.

Dean Foods Co. DF

Dean Foods, one of the country’s leading processor and distributor of milk and other dairy products, reported strong Q1 results. Adjusted earnings per share came in at $0.45 (excluding $0.02 from non-recurring items), beating the Zacks Consensus Estimate of $0.38 per share and marking the fifth consecutive quarter of year-over-year growth.

Revenues of $1.878 billion just edged past the consensus estimate of $1.876 billion but declined 8.4% year-over-year. Management expects second quarter 2016 adjusted earnings to range from $0.32–$0.40 cents a share.

Carrols Restaurant Group, Inc. TAST

The largest Burger King franchisee posted impressive results for its first quarter. Earnings per share of $0.05 beat the Zacks Consensus Estimate of a loss of $-0.08 per share and increased 118.5% year-over-year. Revenues of $222.5 million also topped our consensus estimate of $216.2 million and rose 15.2% year-over-year.

Comparable restaurant sales came in at 5.7% over the year ago level. As a result, Carrols has updated their 2016 guidance, with total restaurant sales expected to be in the range of $935-960 million (previously $930-955 million) including a comparable restaurant sales increase of 2%-4%.

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ALLERGAN PLC (AGN): Free Stock Analysis Report
 
DEAN FOODS CO (DF): Free Stock Analysis Report
 
CARROLS RESTRNT (TAST): Free Stock Analysis Report
 
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