Hologic (NSDQ:HOLX) today posted fiscal year 2018 first quarter earnings that beat analyst expectations on The Street, seeing its sales and profits grow over the same quarter during the previous year.
The Marlborough, Mass.-based company posted profits of $406.7 million, or $1.45 per share, on sales of $791.1 million for the three months ended December 30, seeing a massive 370.2% spike to the bottom line due to tax reform benefits while sales grew 7.7% compared with the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were 55¢, ahead of the 50¢ consensus on Wall Street where analysts expected to see sales of $785.9 million.
“We are pleased with our first quarter results. We posted solid revenue just above our guidance range, driven by strength in our breast health, molecular diagnostics and international businesses. In addition, U.S. tax reform is helping us increase our earnings guidance for the year, while simultaneously re-investing in the business to drive future growth,” prez & CEO Steve MacMillan said in a press release.
The company reiterated its revenue outlook for the remainder of its fiscal year 2018 and lifted its EPS guidance due to tax reform. For the year, Hologic still expects to bring in between $3.2 and $3.3 billion, with EPS now between $2.36 and $2.41, up from between $1.22 and $1.27.
“We are reiterating our full-year revenue guidance and increasing our EPS forecast based mainly on our solid first-quarter results and the beneficial effects of U.S. tax reform,” CFO Bob McMahon said in a prepared statement.
Shares in Hologic haven’t moved in after hours trading so far.
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