Watson Q1 Net Revenue Up 28%
For the first quarter of 2010, the company posted a net income of $69.8m, or $0.57 per diluted share, compared to $49.1m, or $0.43 per diluted share, for the prior year period. Operating income was $100.3m, compared to $81.5m for the year ago period.
Adjusted EBITDA increased 26 percent to $198.9m for the first quarter 2010, versus $158m for the first quarter 2009. Watson's results include a full quarter of Arrow Group results.
For the full year ended December 31, 2010, Watson estimates total net revenue at approximately $3.55 billion. Total Distribution segment revenue between $730m and $780m. Adjusted EBITDA between $800m and $850m. Cash earnings per share between $3.25 and $3.45.
Paul Bisaro, president and CEO of Watson, said: “Watson completed its first quarter with strong earnings and significant momentum for the remainder of the year. We have entered into ten new patent challenges so far this year.
“We also continued our focus on driving further efficiencies within our global supply chain. Given the strong start to the year and the positive trends we see for the remainder of the year, we are increasing our forecast for 2010 and now expect our adjusted cash earnings to be between $3.25 and $3.45 per share.”
Will Watson further improve its revenues in Q2?
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