ModivCare Q1 2024 Adj EPS $(0.09) Misses $0.19 Estimate, Sales $684.451M Beat $663.869M Estimate
Portfolio Pulse from Benzinga Newsdesk
ModivCare (NASDAQ:MODV) reported Q1 2024 adjusted EPS of $(0.09), missing the $0.19 estimate, representing a 147.37% miss and a 106.34% decrease from last year's earnings. However, their quarterly sales of $684.451M exceeded estimates by 3.10%, marking a 3.34% increase from the previous year.
May 02, 2024 | 8:28 pm
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NEGATIVE IMPACT
ModivCare reported a significant earnings miss with Q1 2024 adjusted EPS of $(0.09) against an expected $0.19, but sales exceeded expectations at $684.451M.
The significant miss in EPS is likely to negatively impact investor sentiment in the short term, overshadowing the positive sales report. Historically, earnings misses have a more immediate negative effect on stock prices than sales beats have a positive one, especially when the miss is as substantial as 147.37%.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100