Revvity climbs after raising 2024 profit forecast

Revvity

04/11/2024 15:23

(Updates)
    ** Shares of medical equipment maker Revvity  RVTY.N  climb
~4.6% to $126.56, hitting highest since July 
    ** RVTY raises FY forecast for adjusted profit per share to
$4.83-$4.87 from $4.70-$4.80
    ** Co reports Q3 adjusted profit of $1.28/share vs analysts'
average estimate of $1.13/share - data compiled by LSEG
    ** Favorable margins and lower tax rate enabled the profit
beat - TD Cowen analysts
    ** The company expects annual revenue between $2.75 bln and
$2.77 bln, down from its previous forecast of $2.77 bln to $2.79
bln
    ** Q3 revenue from RVTY's Life Sciences segment was $301
mln, missing expectations of $306.15 mln  
    ** Stock up 15.1% YTD   

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))