Key Points
- Catalent shares jumped on positive comments about its business.
- The company said it still needed more time to complete its third-quarter earnings report.
- Catalent has lowered its full-year revenue outlook from the previous quarter estimate.
Catalent (CTLT) was the best-performing stock in the S&P 500 on Friday after the contract drugmaker said it was getting new business, even though it delayed the release of its fiscal third-quarter earnings report.
The company wrote in a settlement saying it would need more time to complete its preparation and review of the financial statements and other information provided in Form 10-Q. He added that he was “working diligently” to complete the work needed to file the form.
Last week, May 8, Catalent said it was postponing the earnings release and conference call to May 15 “to review certain potential non-cash adjustments related to the company's operations in Bloomington, Indiana.” Then, on May 12, he again announced a postponement, with the conference call moved to May 19.
During that call, the company announced that it was reducing its full-year net revenue forecast to a range of $4.25-4.35 billion, from the $4.625-4.875 billion it was expecting. it predicted in its second quarter earnings report.
Catalent CEO Alessandro Maselli, said Catalent's financial performance and operational execution “are significantly below our February expectations and guidance.”
However, the company said that its customer supply situation remains “healthy” and it continues to “win significant new business”. Shares jumped over 15% after comments, but are down 16% for the year so far and 62% in the past 12 months.
YCharts
Source: investopedia.com
