Why Is Food Safety Firm Neogen Stock Trading Lower Today?
Portfolio Pulse from Vandana Singh
Neogen Corporation reported Q1 FY24 sales of $229 million, missing the consensus of $231.1 million. The company's adjusted EPS of 11 cents also missed the consensus of 12 cents. Despite this, the company continues to anticipate FY24 revenue of $955 million-$985 million. William Blair reiterated the Outperform rating for Neogen, but the company's shares are down 2.36%.
October 10, 2023 | 2:25 pm
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NEGATIVE IMPACT
Neogen's Q1 FY24 sales and EPS missed expectations, leading to a 2.36% drop in share price. However, the company's FY24 revenue guidance remains unchanged and it retains an Outperform rating from William Blair.
Neogen's lower than expected Q1 FY24 sales and EPS have likely contributed to the drop in its share price. However, the company's unchanged FY24 revenue guidance and the Outperform rating from William Blair may mitigate further negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100