- Haemonetics Corporation (NYSE:HAE) reported fourth-quarter FY23 revenues of $304.42 million, beating the consensus of $289.64 million. Revenues rose 14.9% year over year.
- The medical products firm reported an adjusted EPS of $0.77, beating the analyst consensus of $0.70.
- Volume and price benefits and lower restructuring and related spending bolstered quarterly performance. Strength in the Plasma unit, which jumped 31.2% organically Y/Y, also aided Q4 revenues.
- The adjusted gross margin was 51.8%, down 180 basis points due to inflationary pressures, increased depreciation expense, and foreign exchange.
- Adjusted operating margin was 17.7%, up 10 basis points Y/Y.
- The company exited the quarter with cash on hand of $284.5 million on April 1, 2023.
- “We are outperforming in a challenging economic environment and meeting the needs of our customers while positioning us for future growth and success,” CEO Chris Simon said.
- FY24 Outlook: HAE expects Adjusted EPS of $3.45 – $3.75, versus the consensus of $3.40.
- Organic revenue growth is expected to be 5% – 8%, while adjusted operating margin is expected to be 20% – 21%.
- Price Action: HAE shares closed higher by 2.09% at $83.10 on Wednesday.
JPMorgan Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
JPMorgan Chase & Co. (NYSE: JPM) is expected to release earnings results for its first quarter, before the opening bell on April 12, 2024.
