Neogen Cuts FY2024 Sales Guidance To $910M-$920M Down From Prior Guidance Of $935M-$955M And Compared To Consensus Of $938.16M
Portfolio Pulse from Benzinga Newsdesk
Neogen has revised its FY2024 sales guidance downwards to $910M-$920M from the previous estimate of $935M-$955M, below the consensus of $938.16M. The adjustment is due to slower-than-expected recovery in order fulfillment rates, affecting the ability to meet demand. Capital expenditures are still expected to be around $130M, with $100M allocated for the integration of 3M's Food Safety Division.
April 09, 2024 | 11:08 am
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Neogen has lowered its FY2024 sales guidance to $910M-$920M, below the consensus of $938.16M, due to slower order fulfillment recovery.
The downward revision in sales guidance is a direct reflection of operational challenges and a slower-than-expected recovery in order fulfillment rates. This adjustment, being below market consensus, is likely to negatively impact investor sentiment and the stock price in the short term, as it indicates potential revenue and growth challenges.
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