OSI Systems, Inc. announced a significant rise in net income for the third quarter, moving from $21.81 million or $1.27 per share this period last year to $34.04 million or $1.95 per share this year.
When discounting specific items, the adjusted earnings increased to $2.16 per share, in contrast to last year's third quarter which was $1.49 per share. According to a consensus from four analysts from Thomson Reuters, they expected the company's report to show earnings of $2.10 per share for this quarter. It's common for these kind of estimates to not take into account special items.
In regards to total net revenues, there has been considerable growth. This year's third quarter saw $405.41 million, an increase from the prior year's $302.89 million during the same period. Predictions for this quarter's revenues were slightly lower, at $403.46 million.
OSI Systems has updated their forecast for fiscal 2024, anticipating their adjusted earnings per share to increase by more than 30 percent, a bump from the previous prediction of more than 29 percent growth. They are still estimating over 19 percent in revenue growth.
For the year, Wall Street is projecting earnings of $8.02 per share, with a revenue increase of 18.90 percent, which would total $1.52 billion.
