{"id":10931,"date":"2023-05-19T10:52:23","date_gmt":"2023-05-19T14:52:23","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/catalent-stock-is-surging-heres-why\/"},"modified":"2023-05-19T10:52:24","modified_gmt":"2023-05-19T14:52:24","slug":"catalent-stock-is-surging-heres-why","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10931","title":{"rendered":"Catalent Stock Is Surging. Here’s Why."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

\n Catalent
\n received a notice from the New York Stock Exchange that it wasn\u2019t in compliance with listing requirements after delaying the release of quarterly earnings.<\/p>\n

\n Catalent
\n (ticker: CTLT), the contract drug manufacturer, said Friday that it will again be delaying the release of earnings. The company now has six months to file its 10-Q with the Securities and Exchange Commission to regain compliance with NYSE listing standards. <\/p>\n

\n

\u201cThe company was unable to file the Form 10-Q within the prescribed period due to, among other things, the identification of certain accounting adjustments in its previously issued financial statements related to its operations in Bloomington, Indiana,\u201d
\n Catalent
\n said in a statement.<\/p>\n

The company told investors earlier this month that it was delaying the release of its fiscal third-quarter results, originally scheduled for May 9, to May 15. At that time, Catalent said it expected to \u201csignificantly reduce\u201d guidance for the fiscal year.<\/p>\n

Then on May 12, the company said it was postponing the release of its financial results again, and moved its conference call to May 19.<\/p>\n

\u201cThe Company is working diligently to complete the necessary work to file the Form 10-Q as soon as practicable and currently expects to file the Form 10-Q within the six-month period granted by the NYSE Notice; however, there can be no assurance that the Form 10-Q will be filed within such period,\u201d Catalent said.<\/p>\n

On a conference call Friday, Catalent said it was reducing its fiscal\u00a02023 net revenue guidance to between $4.25\u00a0billion to $4.35 billion. Analysts surveyed by FactSet were expecting revenue of $4.43 billion. <\/p>\n

\u201cOur financial performance and operational execution have fallen significantly short of our expectations and of our February forecast, and we accept responsibility for disappointing you,\u201d Chief Executive Alessandro Maselli said on the call. <\/p>\n

Catalent, however, said on the call Friday that its customer supply situation remains \u201chealthy,\u201d and that the company continues to \u201cwin significant new business.\u201d<\/p>\n

Investors seemed confident in the update provided by management. Shares of Catalent were gaining 13% to $36.43 after falling earlier. The stock has declined 19% this year.<\/p>\n

Write to Angela Palumbo at angela.palumbo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Catalent received a notice from the New York Stock Exchange that it wasn\u2019t in compliance with listing requirements after delaying the release of quarterly earnings. Catalent (ticker: CTLT), the contract drug manufacturer, said Friday that it will again be delaying the release of earnings. The company now has six months to file its 10-Q with […]<\/p>\n","protected":false},"author":1,"featured_media":10932,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-10931","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nCatalent Stock Is Surging. 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