Embecta Shares Gain As Q1 Earnings Exceed Expectations - Embecta (NASDAQ:EMBC)

Embecta Corp EMBC posted Q1 FY23 revenues of $275.7 million, down 4.7% on a reported basis and up 0.7% on a constant currency basis, beating the consensus of $262.90 million.
Lower revenues were driven by unfavorable effects from foreign currency translation primarily due to the strengthening of the U.S. dollar.
The company posted an adjusted EPS of $0.96, beating the consensus of $0.51.
U.S. revenues decreased by 1.1% on both a reported and constant currency basis.
International revenues decreased 8.7% on a reported basis and increased 2.6% on a constant currency basis.
The company posted adjusted gross profit and margin of $188.9 million and 68.5%, respectively.
Operating income and margin of $88.8 million and 32.2%, compared to $116.6 million and 40.3% in the prior year period.
Outlook: Embecta has raised its FY23 guidance with revenues of $1.084-$1.107 billion, up from $1.05-$1.073 billion vs. an estimate of $1.06 billion.
It forecasts adjusted EPS of $2.20-$2.35 versus the prior guidance of $1.75 - $2.00 and the consensus of $1.90.
Price Action: EMBC shares are up 9.13% at $31.02 on the last check Tuesday.