(RTTNews) - Drug maker Perrigo Co. (PRGO) posted better-than-expected first quarter results and lifted full-year earnings expectations significantly. The company cited growth across all its segments for its upbeat quarter and outlook and said "no one single product or division" drove these strong results.

Perrigo's Chairman and CEO Joseph Papa commented, "Fiscal 2010 is off to a very strong start. We achieved all-time record earnings in a macroeconomic environment that is favorable to Perrigo's business model".

Perrigo makes over-the-counter and prescription pharmaceuticals, nutritional products and other consumer products.

Net income for the quarter surged to $61.3 million or 66 cents per share from year-ago $37.96 million or 40 cents per share. Adjusted earnings from continuing operations rose to $61.2 million or 66 cents per share, up from $38.95 million or 41 cents last year and ahead of the consensus estimate of 50 cents per share.

This is the company's third quarterly earnings surprise in a row. In the past two quarters, the company has topped estimates by an average 9.9%.

Net sales for the quarter rose 16% to $528 million from $455.55 million last year, and topped analysts' expectations of $494.8 million.

The company raised its full-year outlook for adjusted earnings from continuing operations to $2.35-$2.45 per share from prior projections of $2-$2.12 per share. Analysts are looking for earnings of $2.11 per share.

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