Neogen Corp. (NASDAQ: NEOG) said Friday its second quarter profit rose 18 percent on higher sales of food safety products and tighter cost controls, according to Associated Press.
The company, which makes test kits for food and animal safety, said cool, wet conditions in the U.S. Corn Belt led to increased demand for food safety tests.
For the quarter ended Nov. 30, the company earned $4.6 million, or 20 cents per share, compared with $3.9 million, or 17 cents per share, in the prior year period.
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The results take into account the company's 3-for-2 stock split effective Dec. 15.
Revenue rose 13 percent to $35.3 million from $31.2 million.
Neogen noted that the quarter's results did not include its acquisition of BioKits, a food safety business owned by Gen-Probe, which was completed in early December.
Shares of Neogen Corp. fell 85 cents, or 3.6 percent, to $22.92 in midday trading.
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