Medical equipment maker Revvity, Inc. (RVTY), while reporting third-quarter adjusted earnings above market estimates, on Monday raised fiscal 2025 forecast for adjusted earnings above the Street, but trimmed the lower end of revenue view.
In addition, the Board of Directors has authorized a new two-year $1 billion share repurchase program, which replaces the remainder of the prior repurchase program announced in October 2024.
In the pre-market activity, Revvity shares were losing around 4 percent to trade at $95.00.
For fiscal 2025, Revvity now expects adjusted earnings of $4.90 to $5.00 per share, higher than previously expected adjusted earnings of $4.85 to $4.95.
The Wall Street analysts on average expect the company to report earnings of $4.86 per share. Analysts' estimates typically exclude special items.
Further, the company updated full-year revenue guidance to $2.83 billion to $2.88 billion, from previous outlook of $2.84 billion to $2.88 billion, to reflect recent changes in foreign currency exchange rates. The company reaffirmed its organic growth guidance of 2 percent to 4 percent.
The Street was looking for revenues of $2.85 billion for the year.
In the third quarter, the company's earnings came in at $46.65 million or $0.40 per share, compared with $94.37 million or $0.77 per share last year.
Adjusted earnings were $1.18 per share for the period, compared to $1.28 in the same period a year ago. Analysts had expected the company to earn $1.14 per share.
The company's revenue for the period rose 2.2 percent to $698.95 million from $684.05 million last year.
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