AMRI surges following 4Q report and outlook

FILE - In this Wednesday, Dec. 19, 2012, file photo, a man walks past a Wells Fargo location in Philadelphia. Wells Fargo, the biggest U.S. mortgage lender, says it earned a record $4.9 billion in the fourth quarter, up 25 percent from the same period a year before. Revenue rose 7 percent, to $21.9 billion, beating the $21.3 billion expected by analysts polled by FactSet. (AP Photo/Matt Rourke, File)
FILE - In this March 15, 2012 photo, a trader works in the Goldman Sachs booth on the floor of the New York Stock Exchange. Goldman Sachs announced Wednesday, Jan. 16, 2013 that its earnings almost tripled in the fourth quarter as investment banking revenues surged. (AP Photo/Richard Drew)
This undated image provide by Wendy's shows the fast food company's new logo. Wendy's reported fourth-quarter earnings Wednesday, Jan. 16, 2013, that topped Wall Street estimates but a 2 percent rise in revenue came up short of expectations. It reaffirmed its earnings guidance for fiscal 2013. (AP Photo/Wendy's)
FILE - In this May 11, 2012 file photo, people stand in the lobby of JPMorgan Chase headquarters in New York. JPMorgan Chase reported a 55 percent jump in earnings for the last three months of 2012 as mortgage fees and other income surged. (AP Photo/Mark Lennihan, File)
In this Wednesday, Dec. 12 2012 photo, Taneshia Wright, of Manhattan, fills out a job application during a job fair in New York. Economists forecast that employers added 155,000 jobs in December, according to a survey by FactSet. That would be slightly higher than November's 148,000. The unemployment rate is projected to remain at 7.7 percent. (AP Photo/Mary Altaffer)
FILE - In this Tuesday, Dec. 11, 2012 file photo, an advertisement in the classified section of the Boston Herald newspaper calls attention to possible employment opportunities in Walpole, Mass. Economists forecast that employers added 155,000 jobs in December, according to a survey by FactSet. That would be slightly higher than November's 148,000. The unemployment rate is projected to remain at 7.7 percent. (AP Photo/Steven Senne, File)
In this Wednesday, Dec. 12 2012 photo, Taneshia Wright, of Manhattan, fills out a job application during a job fair in New York. U.S. employers added 155,000 jobs in December, a steady gain that shows hiring held up during the tense negotiations to resolve the fiscal cliff. The solid job growth wasn’t enough to push down the unemployment rate, which remained 7.8 percent last month, the Labor Department said Friday, Jan. 4, 2013. The rate for November was revised up from an initially reported 7.7 percent. (AP Photo/Mary Altaffer)
FILE - In this Tuesday, Dec. 11, 2012 file photo, an advertisement in the classified section of the Boston Herald newspaper calls attention to possible employment opportunities in Walpole, Mass. U.S. employers added 155,000 jobs in December, a steady gain that shows hiring held up during the tense negotiations to resolve the fiscal cliff. The solid job growth wasn’t enough to push down the unemployment rate, which remained 7.8 percent last month, the Labor Department said Friday, Jan. 4, 2013. The rate for November was revised up from an initially reported 7.7 percent. (AP Photo/Steven Senne, File)
FILE - In this April 14, 2011 file photo provided by Zipcar.com, Zipcar Chairman and CEO Scott Griffith stands with a Zipcar Mini-Cooper before the opening bell at the NASDAQ Market Site in New York. Avis is buying Zipcar for $491.2 million, expanding its offerings from traditional car rentals to car sharing services. The boards of both companies unanimously approved the buyout. (AP Photo/Zipcar.com, Craig Ruttle, File)

FILE - In this Wednesday, Dec. 19, 2012, file photo, a man walks past a Wells Fargo location in Philadelphia. Wells Fargo, the biggest U.S. mortgage lender, says it earned a record $4.9 billion in the fourth quarter, up 25 percent from the same period a year before. Revenue rose 7 percent, to $21.9 billion, beating the $21.3 billion expected by analysts polled by FactSet. (AP Photo/Matt Rourke, File)

FILE - In this Wednesday, Dec. 19, 2012, file photo, a man walks past a Wells Fargo location in Philadelphia. Wells Fargo, the biggest U.S. mortgage lender, says it earned a record $4.9 billion in the fourth quarter, up 25 percent from the same period a year before. Revenue rose 7 percent, to $21.9 billion, beating the $21.3 billion expected by analysts polled by FactSet. (AP Photo/Matt Rourke, File)
FILE - In this March 15, 2012 photo, a trader works in the Goldman Sachs booth on the floor of the New York Stock Exchange. Goldman Sachs announced Wednesday, Jan. 16, 2013 that its earnings almost tripled in the fourth quarter as investment banking revenues surged. (AP Photo/Richard Drew)
This undated image provide by Wendy's shows the fast food company's new logo. Wendy's reported fourth-quarter earnings Wednesday, Jan. 16, 2013, that topped Wall Street estimates but a 2 percent rise in revenue came up short of expectations. It reaffirmed its earnings guidance for fiscal 2013. (AP Photo/Wendy's)
FILE - In this May 11, 2012 file photo, people stand in the lobby of JPMorgan Chase headquarters in New York. JPMorgan Chase reported a 55 percent jump in earnings for the last three months of 2012 as mortgage fees and other income surged. (AP Photo/Mark Lennihan, File)
In this Wednesday, Dec. 12 2012 photo, Taneshia Wright, of Manhattan, fills out a job application during a job fair in New York. Economists forecast that employers added 155,000 jobs in December, according to a survey by FactSet. That would be slightly higher than November's 148,000. The unemployment rate is projected to remain at 7.7 percent. (AP Photo/Mary Altaffer)
FILE - In this Tuesday, Dec. 11, 2012 file photo, an advertisement in the classified section of the Boston Herald newspaper calls attention to possible employment opportunities in Walpole, Mass. Economists forecast that employers added 155,000 jobs in December, according to a survey by FactSet. That would be slightly higher than November's 148,000. The unemployment rate is projected to remain at 7.7 percent. (AP Photo/Steven Senne, File)
In this Wednesday, Dec. 12 2012 photo, Taneshia Wright, of Manhattan, fills out a job application during a job fair in New York. U.S. employers added 155,000 jobs in December, a steady gain that shows hiring held up during the tense negotiations to resolve the fiscal cliff. The solid job growth wasn’t enough to push down the unemployment rate, which remained 7.8 percent last month, the Labor Department said Friday, Jan. 4, 2013. The rate for November was revised up from an initially reported 7.7 percent. (AP Photo/Mary Altaffer)
FILE - In this Tuesday, Dec. 11, 2012 file photo, an advertisement in the classified section of the Boston Herald newspaper calls attention to possible employment opportunities in Walpole, Mass. U.S. employers added 155,000 jobs in December, a steady gain that shows hiring held up during the tense negotiations to resolve the fiscal cliff. The solid job growth wasn’t enough to push down the unemployment rate, which remained 7.8 percent last month, the Labor Department said Friday, Jan. 4, 2013. The rate for November was revised up from an initially reported 7.7 percent. (AP Photo/Steven Senne, File)
FILE - In this April 14, 2011 file photo provided by Zipcar.com, Zipcar Chairman and CEO Scott Griffith stands with a Zipcar Mini-Cooper before the opening bell at the NASDAQ Market Site in New York. Avis is buying Zipcar for $491.2 million, expanding its offerings from traditional car rentals to car sharing services. The boards of both companies unanimously approved the buyout. (AP Photo/Zipcar.com, Craig Ruttle, File)

AMRI surges following 4Q report and outlook

Print Page Updated: 09:09:43 PM, Tue 12 February 2013

NEW YORK () — Shares of Albany Molecular Research climbed Tuesday after the drug developer turned a fourth-quarter profit, compared to a loss the year before.

It also expects that when one-time items are excluded from its results, it will be more profitable this year. Albany Molecular Research Inc. shares advanced 89 cents, or 16 percent, to close at $6.55. Earlier the stock reached $7.33, its highest point in nearly three years.

AMRI's net income totaled $1.9 million, or 7 cents per share. The company said it earned 17 cents per share if one-time costs are excluded. A year ago it took a loss of $24.4 million, or 81 cents per share.

Revenue rose 44 percent, to $67.2 million from $46.6 million.

AMRI, based in Albany, N.Y., partners with pharmaceutical companies to develop and manufacture drugs. It said that demand for early development of drugs remained "soft," but it has new partnerships that could help future growth. It also receives royalties from Allegra, an allergy drug, and on Monday had said that it licensed an experimental cancer drug to another company. The company, Chai Therapeutics, will pay to develop the drug, and AMRI may get future payments based on development and sales.

For all of 2012, AMRI pared its loss to $3.8 million, or 12 cents per share, from $32.3 million, or $1.08 per share, in 2011. Revenue grew 9 percent, to $226.7 million from $207.6 million.

The company said it expects to earn between 8 and 12 cents per share in the first quarter, and an adjusted profit of 34 to 52 cents per share in 2013. That's up from an adjusted profit of 25 cents last year.

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