- Wednesday, October 16, 2024
Embecta, a leading diabetes-care company, has reported impressive results for its fiscal first quarter, exceeding market expectations. Despite this positive news, the stock price initially surged but eventually experienced a 13% decline. However, the company remains optimistic and has revised its full-year outlook upwards.
Upgraded Outlook
Embecta has raised its adjusted earnings forecast for fiscal 2024 to a range of $1.95 to $2.15 per share. This increase of 5 cents on both ends of the previous outlook reflects the company's confidence in its future performance. Additionally, Embecta has also revised its revenue guidance, raising it by $10 million at the midpoint. The new range is set between $1.094 billion and $1.116 billion.
Impressive First Quarter Results
In the fiscal first quarter, Embecta recorded earnings of $20.1 million, or 35 cents per share. Although this is lower than the $35.2 million, or 61 cents per share, achieved in the same quarter last year, when excluding one-time items, adjusted earnings were 61 cents per share. This surpassed analysts' expectations of 46 cents per share.
Furthermore, Embecta's quarterly revenue reached $277.3 million, a slight increase from the previous year and exceeding FactSet's projected figure of $264.9 million.
Despite the initial decline in stock price following the announcement, Embecta remains confident in its ability to deliver strong results in the coming quarters.
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