Why Revvity Stock Plunged Today
Shares of Revvity (NYSE: RVTY) -- formerly known as PerkinElmer -- fell 16.1% on Monday after the health science solutions and services company announced weaker-than-expected third-quarter 2023 results and reduced its full-year outlook.
Revvity's quarterly revenue declined 5.8% year over year, to $670.7 million, translating to generally accepted accounting principles (GAAP) net income of $9.5 million, or $0.08 per share. On an adjusted (non-GAAP) basis -- which adjusts for one-time items like restructuring and divestiture costs -- earnings from continuing operations were $1.18 per share, down from $1.21 per share in the same year-ago period. Analysts, on average, were looking for adjusted earnings of $1.19 per share on revenue closer to $695 million.
Still, Revvity CEO Prahlad Singh insisted the company "executed well ... in an increasingly challenging end market environment," adding that Revvity is focusing "on those factors we can control to ensure the company emerges from this period in an even stronger and more agile position."
Source Fool.com
