Revvity's (PKI) Q1 Earnings Top, '23 View Below Expectations

Zacks2023-05-11

Revvity, Inc. PKI reported first-quarter 2023 adjusted earnings per share (EPS) of $1.01, which beat the Zacks Consensus Estimate of 99 cents by 2%. The bottom line, however, declined 56.1% from the ...

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The bottom line, however, declined 56.1% from the ...</p>\n\n<a href=\"https://finance.yahoo.com/news/revvitys-pki-q1-earnings-top-140802388.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Revvity's (PKI) Q1 Earnings Top, '23 View Below Expectations</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRevvity's (PKI) Q1 Earnings Top, '23 View Below Expectations\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-05-11 22:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/revvitys-pki-q1-earnings-top-140802388.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Revvity, Inc. PKI reported first-quarter 2023 adjusted earnings per share (EPS) of $1.01, which beat the Zacks Consensus Estimate of 99 cents by 2%. The bottom line, however, declined 56.1% from the ...</p>\n\n<a href=\"https://finance.yahoo.com/news/revvitys-pki-q1-earnings-top-140802388.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"RVTY","symbol_name":"REVVITY INC","start_time":0,"source_url":"https://finance.yahoo.com/news/revvitys-pki-q1-earnings-top-140802388.html","article_id":"2334702555","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/9MGsJ2.EMzJncxZk9zB01Q--~B/aD0zNDk7dz02MjA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/7d3d01d8d56802b04314cd065cb3098d"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2334702555","pubTimestamp":1683814082,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Revvity, Inc. PKI reported first-quarter 2023 adjusted earnings per share (EPS) of $1.01, which beat","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"RVTY":"REVVITY INC","MMSI":"Merit Medical Systems","CAH":"卡地纳健康"},"translate_title":"Revvity(PKI)第一季度收益高居榜首，23年业绩低于预期","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ABC":0.9,"CAH":0.9,"MMSI":0.9,"PKI":0.9,"RVTY":0.9},"content_text":"Revvity, Inc. PKI reported first-quarter 2023 adjusted earnings per share (EPS) of $1.01, which beat the Zacks Consensus Estimate of 99 cents by 2%. The bottom line, however, declined 56.1% from the year-ago quarter’s level.\nGAAP EPS from continuing operations came in at 20 cents compared with $1.45 in the prior-year period. However, GAAP EPS was $4.50, including $4.31 per share from discontinued operation.\nDiscontinued Operation\nIn a SEC filing last month, the company announced that its shareholders have approved a proposal to change the name from PerkinElmer, Inc. to Revvity, Inc. The company changed its name to Revvity with effect from Apr 26. On its first-quarter earnings call, the company stated that its ticker will also get changed to RVTY from PKI, effective May 16.\nThe decision to change the company’s name followed the completion of divesture of its Applied, Food and Enterprise Services (\"AES\") business to an investment firm, New Mountain Capital, in March. The divestment deal was signed in 2022 for up to $2.45 billion in total consideration. The AES business will be a private company named PerkinElmer.\nThe business was part of Discovery & Analytical Solutions segment that generated more than 28% of total combined revenues for PKI in 2022. Following the divestment, the company now consists of the high-growth Life Sciences and Diagnostics business. During the first quarter, AES business’s financial activities were reported under discontinued operations.\nRevenue Details\nBased in Waltham, MA, this leading MedTech company reported revenues of $674.9 million, down 29.9% year over year and 27% organically. However, the metric was up 6% organically after excluding sales from COVID products. The top line missed the Zacks Consensus Estimate by 1.7%.\nSegment Details\nThe company will report under two operating segments — Life Sciences and Diagnostics.\nLife Sciences\nRevenues at this segment totaled $328 million, indicating an increase of 7.2% from the year-ago quarter’s level. Organically, the segment witnessed an improvement of 9%.\nAdjusted operating income amounted to $129 million, up 17.3% from that recorded in the prior-year quarter.\nDiagnostics \nThis segment’s revenues totaled $347 million, down 47.2% on a year-over-year basis. Organically, the top line decreased 44%.\nAdjusted operating income amounted to $74 million, down 75.4% from the year-ago quarter’s figure.\nMargin Analysis\nSelling, general and administrative expenses totaled $248.6 million, down 9.7% year over year. Research and development expenses amounted to $56.7 million, down 1.4% from the year-ago quarter’s number.\nAdjusted operating income declined 51.9% to $189.2 million from the year-ago quarter’s level. Adjusted operating margin, as a percentage of revenues, was 28%, down 1280 bps.\nFinancial Update\nThe company exited the first quarter with cash and cash equivalents of $2.27 billion compared with $454.4 million in the year-ago period. This significant increase was due to the divestment of its AES business.\nNet cash provided by operating activities, including discontinued operations, totaled $63.5 million compared with $283.2 million in the year-ago quarter.\n\nRevvity, Inc. Price, Consensus and EPS Surprise\n\nRevvity, Inc. price-consensus-eps-surprise-chart | Revvity, Inc. Quote\n\n2023 Guidance\nRevvity provided updated total revenues and earnings guidance for full-year 2023.\nFor 2023, the company now expects adjusted EPS of $4.85-$5.05 versus the previous guidance of $5.05. Revenues are anticipated in the range of $2.90-$2.94 billion compared with the previous projection of $2.94 billion. The Zacks Consensus Estimate for sales and EPS stands at $2.95 billion and $5.06 per share, respectively.\nZacks Rank and Stocks to Consider\nCurrently, Revvity carries a Zacks Rank #3 (Hold).\nSome better-ranked stocks in the broader medical space that have announced quarterly results are AmerisourceBergen Corporation ABC, Merit Medical Systems, Inc. MMSI and Cardinal Health, Inc. CAH.\nAmerisourceBergen carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\nThe company reported fiscal second-quarter 2023 adjusted EPS of $3.50, which beat the Zacks Consensus Estimate by 6.4%. Revenues of $63.46 billion outpaced the consensus mark by 4.4%.\nAmerisourceBergen has a long-term estimated growth rate of 8.7%. ABC’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 3.1%.\nMerit Medical reported first-quarter 2023 adjusted EPS of 64 cents, which beat the Zacks Consensus Estimate by 16.4%. Revenues of $297.6 million surpassed the consensus mark by 5.9%. The company currently carries a Zacks Rank #2.\nMerit Medical has a long-term estimated growth rate of 11%. MMSI’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 20.2%.\nCardinal Health reported fiscal third-quarter 2023 adjusted EPS of $1.74, which beat the Zacks Consensus Estimate by 17.6%. Revenues of $50.49 billion surpassed the consensus mark by 1.7%. The company carries a Zacks Rank #2 at present.\nCardinal Health has a long-term estimated growth rate of 11.6%. CAH’s earnings surpassed estimates in three of the trailing four quarters and missed in one, the average surprise being 12.3%.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nCardinal Health, Inc. (CAH) : Free Stock Analysis Report\nAmerisourceBergen Corporation (ABC) : Free Stock Analysis Report\nRevvity, Inc. (PKI) : Free Stock Analysis Report\nMerit Medical Systems, Inc. (MMSI) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2334702555"}