WASHINGTON (dpa-AFX) - Watson Pharmaceuticals Inc. (WPI) reported a rise in first-quarter 2012 net income attributable to common shareholders to $54.8 million or $0.43 per share from $45.3 million or $0.36 per share in the prior-year quarter. On a non-GAAP basis, net income grew to $208.8 million or $1.64 per share from $111.9 million or $0.89 per share in the 2011 first quarter. On average, 22 analysts polled by Thomson Reuters expected earnings per share of $1.60 for the quarter. Analysts' estimates typically exclude one-time items.
For the latest quarter, the company's net revenues totaled $1.52 billion, up 74 percent from $876.5 million a year ago, while 18 analysts estimated revenues of $1.48 billion for the quarter.
For 2012, Watson now estimates non-GAAP earnings to be between $5.55 and $5.80 per share versus its prior range of $5.50 - $5.80 per share, while 25 analysts project earnings of $5.80 per share for the full year.
Total net revenue for 2012 is currently anticipated to be about $5.5 billion compared with its earlier projection of about $5.4 billion. Twenty-three analysts expect revenue of $5.50 billion for the same year.
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