Revvity posts third-quarter earnings of $1.18 a share, 1 cent below estimates. Revenue of $670.7 million also came in below forecasts.
Revvity stock was tumbling Monday after the health sciences company missed third-quarter earnings estimates and slashed its fiscal 2023 earnings outlook.
Revvity reported third-quarter earnings of $1.18 a share on revenue of $670.7 million. Analysts surveyed by FactSet were expecting the company to post earnings of $1.19 a share on sales of $695.4 million.“We executed well during the third quarter in an increasingly challenging end-market environment,” Chief Executive Prahlad Singh said in the earnings release.
Management said on the earnings call that there was a downturn in demand for the company’s pharma and biotech customers, which led to a revenue decline of 1.6% in its life sciences business. On top of posting disappointing results, Revvity said it now expects fiscal 2023 earnings of between $4.53 and $4.57 a share, down from prior guidance of $4.70 to $4.90 a share. New revenue expectations of $2.72 billion to $2.74 billion also were down from previous estimates of $2.8 billion to $2.85 billion.
Shares of Revvity were sinking 18% to $80.18, and were on pace for their largest percentage decrease since December 2008 and lowest close since April 2020, according to Dow Jones Market Data. The stock has fallen 43% this year and was one of the worst performers in the S&P 500 on Monday.
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Revvity’s stock tumbles to lead the S&P 500 losers after earnings miss, lowered outlookTomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter TomiKilgore.
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