- Embecta Corp EMBC sent Q4 revenue of $274.6 milliondown 8.7% on a reported basis and down 4.2% on a constant currency basis, beating the consensus of $261.01 million.
- Embecta saw profits fall sharply into the red on a drop in sales.
- The company posted losses of (17.2) million US dollars. That equates to $(0.30) per share.
- This time last year — as a diabetes arm of Becton, Dickinson and Co BDX — Embecta posted earnings of $97.1 million, or $1.70 per share, for the quarter. However, Embecta noted that last year’s numbers don’t purport to reflect its performance if it were a standalone company.
- The company also struggled to meet Wall Street’s earnings forecast of $0.66.
- In a press release, Embecta CEO Devdatt “Dev” Kurdikar attributed some issues to the macroeconomic environment. These include mounting headwinds from foreign exchange and inflation. Still, he said fourth-quarter performance “topped” the company’s guidance.
- Outlook: Embecta expects 2023 adjusted EPS of $1.75 to $2.00 and revenue of $1.05 to $1.073 billion compared to consensus of $3.11 and $1.11 billion, respectively Dollar.
- Price promotion: EMBC shares are down 13.73% to $28.02 on the latest check Tuesday.
- Photo via company
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