Revvity, Inc. (RVTY) disclosed a reduction in its profit for the first quarter as compared to the same period last year, though it managed to surpass the market predictions.
The firm's net income was recorded at $26.013 million, or $0.21 per share. This represents a substantial decrease compared to the $569.475 million, or $4.50 per share, registered during the first quarter of the previous year.
When we exclude certain items, Revvity, Inc. claimed adjusted earnings of $0.98 per share for this period. Market analysts had anticipated that the company's earnings would amount to $0.93 per share on average, according to Thomson Reuters compiled data. These forecasts generally do not consider special items.
The company witnessed a 3.7% drop in quarter revenue to $649.920 million from $674.865 million reported last year.
Let's have a quick look at how Revvity, Inc. fared during the quarter (as per GAAP):
- Earnings for Q1: $26.013 million, a decline compared to $569.475 million recorded last year.
- Earnings Per Share (EPS) for Q1: $0.21, down from $4.50 last year.
- Revenue for Q1: $649.920 million, a decrease from $674.865 million posted last year.
