Why Embecta Stock Popped by Nearly 13% Today
On Tuesday, shares of diabetes management company Embecta (NASDAQ: EMBC.V) managed a more than 12% rise in price. That was due to the impact of its latest set of quarterly results, which trounced analyst estimates for profitability and comfortably topped revenue expectations.
Before market open, Embecta published the figures for its first quarter of fiscal 2023. For the period, it earned revenue of $275.7 million, which was down nearly 5% on a year-over-year basis. Investors didn't seem to mind, however, as the tally well exceeded the average analyst estimate of $268.7 million.
That dynamic was even more apparent on the bottom line. The quarter saw Embecta report a profit under generally accepted accounting principles (GAAP) of $55.4 million, or $0.96 per share; the prognosticators following the stock were modeling only $0.71.
Source Fool.com
