NEW YORK (AP) -- Shares of Medifast Inc. fell in aftermarket trading Thursday after the weight-loss company forecast a first quarter net income and revenue below Wall Street's expectations.
Medifast shares sank $2.11, or 8.7 percent, to $22.29 in aftermarket trading.
The company said its fourth-quarter income rose to $1.9 million, or 13 cents per share, from $1.2 million, or 8 cents per share. Medifast said it earned 28 cents per share in the latest quarter if one-time tax adjustment is excluded. Revenue grew 20 percent, to $83.2 million from $69.6 million.
Analysts were expecting net income of 24 cents per share on $82.9 million in revenue, according to FactSet.
The Owings Mills, Md., company's net income fell 14 percent in 2012. It earned $15.9 million, or $1.16 per share, after reporting income of $18.5 million, or $1.31 per share, in 2011. Revenue increased 20 percent, to $356.7 million from $298.2 million.
The company said it expects to earn $1.70 to $1.80 per share in 2013 on $385 million to $400 million in revenue. Medifast's outlook includes income of 32 and 35 cents per share in the first quarter, and revenue is estimated at $93 million to $95 million.
Analysts were expecting net income of $1.78 per share and revenue of $399.6 million for the full year, and net income of 43 cents per share and $101.1 million in revenue for the first quarter.
Medifast reported net income of 29 cents per share and $88.9 million in revenue in the first quarter of 2012.
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