WASHINGTON (dpa-AFX) - ACETO Corp. (ACET) said the company is now forecasting a low single-digit increase for fiscal 2016 top-line growth, down slightly from prior expectation of a mid-single digit increase. The company said this change is due primarily to a reduction in expected revenue in Performance Chemicals arising from the devaluation of the Chinese currency and lower than planned sales of certain specialty chemicals products.
The company now anticipates GAAP net income growth for the year to be in the high single-digit to low double-digit range, versus the previous low double-digit estimate, reflecting incremental non-cash interest expenses and other costs associated with the convertible debt offering completed during the second quarter and potential increased competition in Rising Pharmaceuticals business.
On a non-GAAP adjusted basis, the company continues to expect to achieve earnings growth in the low double-digit range.
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