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COLUMBIA, Md. - Martek Biosciences Corp., which sells nutritional oils and dietary supplements, reported third-quarter profits Thursday that jumped more than 50 percent on higher sales of its infant formula.
| MATK | 18.43 |  0.66 |
Net income for the third quarter was $9.3 million, or 28 cents per share, up from 6.1 million, or 19 cents per share, in the prior year period.
Analysts polled by Thomson Reuters expected earnings of 26 cents per share.
Revenue for the quarter was $88.4 million, up 14 percent from $77.8 million in the same quarter last year.
International sales of the company's infant formula helped offset lower sales of its non-nutritional products, which fell 5 percent to $1.1 million. Martek blamed the lower sales on a seasonal drop in business as well as the economic slowdown in the U.S.
Shares of Martek Bioscience fell 81 cents, or 2.5 percent, Thursday to close at $32.06.
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