Aug 1 (Reuters) - Hospira Inc on Wednesday reported a quarterly net loss on restructuring and other charges, and forecast full-year earnings to be at the low end of its previously forecasted range.
The maker of injectable specialty drugs and medical products said its second-quarter net loss was $2.5 million, or 2 cents per share, compared with a year-earlier profit of $143.6 million, or 85 cents per share.
Excluding items, earnings were 51 cents per share. On that basis, analysts on average were expecting earnings of 49 cents per share, according to Thomson Reuters I/B/E/S.
Quarterly sales fell 2.9 percent to $1.03 billion from $1.06 billion a year ago.
The company said it continues to forecast 2012 net sales to be negative 1 to positive 2 percent on a constant-currency basis.
Full-year diluted earnings per share, excluding items, is now expected to be about $2.00. In May, the company forecast diluted earnings per share between $2.00 and $2.30.
Hospira’s shares closed at $34.75 on Tuesday on the New York Stock Exchange.
John Putnam, an analyst with Capstone Investments, said quarterly revenue was a bit stronger than he had expected, but he looks for the stock to initially trade slightly lower because of the outlook.
“I think a lot of this has been priced into the stock,” he said, but the weaker outlook may suggest the company is moving more slowly in addressing its manufacturing issue that have plagued the company.