TUSTIN, Calif. (AP) _ Avid Bioservices Inc. (CDMO) on Monday reported fiscal fourth-quarter net income of $3 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Tustin, California-based company said it had net income of 3 cents. Losses, adjusted to account for discontinued operations, were 14 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 15 cents per share.
The contract manufacturer posted revenue of $6.9 million in the period.
Avid Bioservices expects full-year revenue in the range of $51 million to $55 million.
In the final minutes of trading on Monday, the company”s shares hit $4.47. A year ago, they were trading at $5.58.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CDMO at https://www.zacks.com/ap/CDMO