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.
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