- Embecta Corp EMBC Posted Q1 FY23 revenue of $275.7 milliondown 4.7% on a published basis and up 0.7% on a constant currency basis, beating the consensus of $262.90 million.
- Lower sales were driven by unfavorable foreign currency translation effects, primarily due to the strengthening of the US dollar.
- The company posted adjusted earnings per share of $0.96, beating the consensus of $0.51.
- US sales declined 1.1% on both a reported and constant currency basis.
- International sales decreased 8.7% on a reported basis and increased 2.6% on a constant currency basis.
- The company reported adjusted gross profit and margin of $188.9 million, or 68.5%.
- Operating profit and margin of $88.8 million and 32.2% compared to $116.6 million and 40.3% in the same period last year.
- Outlook: Embecta has raised its FY23 guidance of $1.084 billion to $1.107 billion from $1.05 billion to $1.073 billion from an estimate of $1.06 billion.
- It is forecasting adjusted earnings per share of $2.20 to $2.35 versus the prior guidance of $1.75 to $2.00 and consensus of $1.90.
- Price promotion: EMBC shares are up 9.13% at $31.02 on the latest check Tuesday.
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