Hi-Tech Pharma up 11% on profitable Q4 earnings
Hi-Tech Pharmacal Co. (Nasdaq:HITK) is up more than 11% today after the company reported ahead of the opening that its fourth-quarter earnings had swung to a profit. For the quarter ended April 30, the prescription and nutritional products manufacturer reported net earnings of $0.3 million, or $0.02 per share, compared with a net loss of $2.2 million, or $0.19 per share, for the same quarter a year ago. Analysts were expecting profits of $0.01 a share. The Amityville, N.Y.-based company said sales of new products helped contribute to the profitable quarter.
Shares of Hi-Tech Pharmacal are at $11.60 at 2:00 p.m. ET, up $1.21 from Thursday’s close. Trading volume soared above 200,000 shares, well above the average of 42,000 shares.
For detailed price information and recent news stories about Hi-Tech Pharmacal Co., click HITK.
