Why Steris Stock Was a Flop This Week
The current earnings season brought some harsh weather to shareholders in Steris (NYSE: STE). The healthcare company unveiled its latest set of quarterly figures on Wednesday and was punished for it, as the stock traded down by almost 12% over the trading week, according to data from S&P Global Market Intelligence.
For the third quarter of Steris' fiscal 2023, the company had $1.22 billion in revenue. That was up only marginally from the $1.21 billion in the same quarter of the preceding fiscal year. Adjusted net income slid by 5% to land at a shade over $202 million. That equated to $2.02 per share.
Neither line item reached the average analyst estimate. Prognosticators were modeling for $1.27 billion on the top line, and a notably higher $2.19 per share for adjusted net income.
Source Fool.com
