Shares of research and development contractor Albany Molecular Research Inc. jumped Monday after the company topped its own first-quarter profit outlook and raised full-year guidance.
The stock rose $1.74, or 15.2 percent, to $13.21. Shares have traded between $9.25 and $19.05 over the last 52 weeks.
The Albany, N.Y.-based company earned $4.7 million, or 15 cents per share, compared with profit of $3.2 million, or 10 cents per share, during the same period a year prior. Revenue rose 11 percent to $53.6 million from $48.4 million.
The results topped Albany Molecular's own guidance of up to 3 cents per share in profit.
Discovery services revenue rose 34 percent to $13.3 million while sales in the development and small-scale manufacturing unit rose 29 percent to $13.2 million. Those increases offset an 11 percent drop to $18.7 million in the large-scale manufacturing unit.
Meanwhile, royalties from the antihistamine Allegra rose 15.2 percent to $8.2 million. The company earns royalties from worldwide sales of Allegra, as well as from the authorized generic, for patents relating to the active ingredient.
Albany Molecular boosted its full-year outlook and expects profit between 38 and 42 cents per share, up from prior guidance of 33 to 37 cents per share. An increase in contract research demand will be the main revenue driver during the year, the company said.
During the second quarter, Albany Molecular expects profit between 8 and 11 cents per share.
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