OSI Systems Q3 Results Miss Estimates; Reiterates FY23 Outlook
(RTTNews) - OSI Systems, Inc. (OSIS) reported on Thursday that net income for the third quarter doubled to $42.74 million or $2.41 per share from $21.81 million or $1.27 per share in the prior-year quarter. Excluding items, adjusted earnings were $1.43 per share, compared to $1.49 per share in the year-ago quarter.
On average, five analysts polled by Thomson Reuters expected the company to report earnings of $1.46 per share for the quarter. Analysts' estimates typically exclude special items.
Total net revenues for the quarter declined to $290.48 million from $302.89 million in the same quarter last year. Analysts expected revenues of $302.92 million for the quarter.
Looking ahead to fiscal 2023, the company continues to project adjusted earnings in a range of $6.02 to $6.25 per share on revenues between $1.24 billion and $1.265 billion.
The Street is looking for earnings of $6.07 per share on sales of $1.25 billion for the year.
For the fourth quarter, the company expects adjusted earnings per share growth of 26 to 38 percent on revenue growth of 11 to 18 percent. Analysts expect earnings of $2.54 per share on revenue growth of 13.6 percent to $382.55 million for the quarter.
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