By Kelly Cloonan
Shares of Neogen fell after the company cut its outlook and announced its longtime chief executive is stepping down.
The stock fell 35% to $4.59 on Wednesday, extending its 12-month decline to 65%.
The food- and animal-safety company on Wednesday lowered its full-year revenue outlook to about $895 million, down from a previous guidance range of $905 million to $925 million.
The company said the updated outlook is a result of lower-than-expected third-quarter results and concerns that macroeconomic uncertainty and tariffs could affect its end markets in the fourth quarter.
The Lansing, Mich., company also said Wednesday that CEO John Adent is stepping down after nearly eight years in the role. Adent will stay on until a successor is appointed, Neogen said.
"The Board determined that now is the right time to begin a leadership transition and identify the company's next CEO," Neogen said.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
April 09, 2025 10:49 ET (14:49 GMT)
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