By RTT News,
February 13, 2014, 07:54:00 AM EDT
(RTTNews.com) - Dublin, Ireland-based drug maker Shire Plc. (SHPG, SHP.L) said net income for the fourth quarter increased to $64.0 million from $42.0 million.
Earnings per ADS from continuing operations climbed to $2.80 from $0.37, primarily due to higher operating income and a lower effective tax rate.
Non GAAP earnings per ADS was $2.26. On average, 13 analysts polled by Thomson Reuters expected earnings of $2.02 per share for the quarter. Analysts' estimates typically exclude special items.
Income from continuing operations surged to $546.6 million from $68.0 million.
Total revenues increased to $1.326 billion from $1.182 billion in the prior year. Analysts expected revenues of $1.28 billion.
The company expects to deliver a similar level of non GAAP earnings per ADS growth in 2014 as 2013.
In a separate statement, Shire said Graham Hetherington, its Chief Financial Officer, has decided to step down. The Board has agreed that Hetherington would step down from Shire's Board of Directors on March 1.
Shire's Senior Vice President and Group Financial Controller, James Bowling, will be
appointed as interim Shire CFO with effect from that date. Shire will immediately start a global search for Graham's successor.
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