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Home News

Embecta Shares Up Following Better-Than-Expected 3Q Earnings

by Press Room
August 16, 2022
in News
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By Connor Hart

Embecta Corp. shares are up after the company on Monday beat Wall Street expectations in its third quarter.

Shares were recently trading at $32.67, up almost 14%

The Parsippany, N.J.-based manufacturer of medical devices used in the treatment of diabetes said net income fell to $62.4 million, compared with $104.7 million in the previous year.

On a per-share basis, the company posted earnings of $1.07, beating FactSet analysts’ estimates of 87 cents a share.

Revenue fell to $291.1 million from $295 million in the year-ago quarter. Analysts polled by FactSet were expecting revenue of $276.9 million.

On a constant currency basis, revenue was up 2% year-over-year, the company said.

The company, which completed its spinoff from Becton, Dickinson & Co. in April of this year, has seen its share price rise almost 30% in the last three months.

Write to Connor Hart at connor.hart@wsj.com

Read the full article here

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