- Revvity, Inc. (NYSE:PKI) reported the first quarter of FY23 revenues of $674.87 million, missing the consensus of $751.04 million. Revenues fell 29.9% year over year.
- Formerly known as PerkinElmer, the diagnostics and scientific solutions firm reported adjusted earnings per share of $1.01, missing the analyst consensus of $1.06.
- Weakness in diagnostics revenues and lower margins weighed on the quarterly performance.
- Segments: Lifesciences revenues rose 7.3% Y/Y to $328.44 million. Diagnostics revenues fell 47.3% to $346.63 million.
- Adjusted operating profit margin slumped a massive 1,280 basis points to 28%, as compared to 40.8% Y/Y.
- The company exited the quarter with $2.5 billion in cash and equivalents. Long-term debt stands at $3.88 billion.
- Stock Ticker Change: The company’s stock ticker will change from PKI to RVTY with the beginning of trading on May 16, 2023.
- Guidance: For the full year 2023, the company forecasts total revenue of $2.90 billion -$2.94 billion versus the consensus of $2.95 billion. Earlier, the company expected revenues of $2.94 billion.
- The company sees Adjusted EPS of $4.85-$5.05, versus the consensus of $5.11. The earlier forecast was $5.05 per share.
- Price Action: PKI shares traded lower by 6.68% at $116.22 on the last check Thursday.
The Parker Brothers Sell ‘Monopoly’ On This Day In Market History
Benzinga takes a look back at a notable market-related moment that happened on this date.
What Happened?
In 1935, the Parker Brothers began sales of “Monopoly,” a now-global pastime.
Where Was The Market?
The Dow averaged $103.70 throughout February, while the S&P 500 averaged $8.98.
