Why Shares of Phibro Animal Health Are Dropping This Week
Shares of Phibro Animal Health (NASDAQ: PAHC) were down 14% for the week, as of 4:30 p.m. ET on Thursday, according to data provided by S&P Global Market Intelligence. The healthcare company, which focuses on animal health and mineral nutrition products, saw its stock close last week at $14.51, then fall to as low as $12.13 on Thursday. The stock is down more than 6% so far this year.
Philbro stock has been falling since the company reported mixed fiscal 2023 fourth-quarter and full-year numbers last week. Phibro reported fourth-quarter revenue of $255 million, down less than 1% year over year, and net income of $11.5 million, a rise of 54% over the same period last year. For the year, revenue was up 4% to $977.9 million, but yearly net income was down 34% to $32.6 million.
There was other news that may have hurt the stock this week as well. The company's chief financial officer, Damian Finio, resigned, and was replaced on an interim basis by Richard G. Johnson, who had been the company's CFO before retiring in 2020. Finio is heading to TerraCycle, where he will be the CFO of the international recycling company.
Source Fool.com
