Catalent (NYSE:CTLT) stock is falling hard on Tuesday as investors react to dismal results in its earnings report for the fiscal first quarter of 2023.
The bad news for investors in CTLT stock starts with its adjusted earnings per share of 34 cents. That’s a massive miss next to Wall Street’s estimate of 56 cents per share. It’s also a significant drop compared to its adjusted EPS of 71 cents from the same time last year.
Adding to that is Catalent’s revenue of $1.02 billion. Yet again, that doesn’t stack up next to analysts’ revenue estimate of $1.08 billion. It’s also a slight decrease from the $1.03 billion reported in the fiscal first quarter of 2022.
Lowered Guidance Further Hits CTLT Stock
To go along with that weak earnings report is a guidance update for fiscal 2023. This has the company expecting revenue to range from $4.625 billion to $4.875 billion. For the record, its prior revenue guidance was between $4.975 billion to $5.225 billion. The new guidance isn’t looking good next to Wall Street’s estimate of $5.08 billion.
The poor earnings news isn’t helping CTLT stock with heavy trading as investors sell shares. This has some 6 million units on the move as of this writing. For the record, the company’s daily average trading volume is closer to 1.6 million shares.
CTLT stock is down 23.8% as of Tuesday afternoon.
Investors seeking out more of the latest stock market news for today are in the right place!
InvestorPlace has all of the latest stock news traders need to know about on Tuesday! A few examples include what has shares of Tesla (NASDAQ:TSLA), Chinese EV stocks and Alibaba (NYSE:BABA) stock moving today. You can get up to speed on all of that news at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
