{"id":6318,"date":"2023-05-09T13:47:55","date_gmt":"2023-05-09T17:47:55","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/catalent-crashes-30-after-cutting-guidance-delaying-results\/"},"modified":"2023-05-09T13:47:56","modified_gmt":"2023-05-09T17:47:56","slug":"catalent-crashes-30-after-cutting-guidance-delaying-results","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=6318","title":{"rendered":"Catalent crashes 30% after cutting guidance, delaying results"},"content":{"rendered":"
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\u00a9 Reuters. Catalent (CTLT) crashes 30% after cutting guidance, delaying results<\/span>
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Catalent (NYSE:) shares fell 30% in premarket Monday after the inhaler maker delayed its third-quarter results and slashed its full-year outlook.<\/p>\n

The company was previously scheduled to report on May 9 but it now expects to report on May 15. Last month, Catalent said it expects that productivity issues and higher-than-expected costs experienced at three of its facilities would hurt Q3 results and the full-year outlook.<\/p>\n

Catalent has now provided an update and said it \u201cexpects to significantly reduce both its fiscal 2023 net revenue and Adjusted EBITDA guidance by more than $400 million each.\u201d Moreover, Catalent \u201chas also since identified significant issues with its forecasts over the past year, which are currently being addressed.\u201d<\/p>\n

\u201cWe understand the importance of timely financial reporting and apologize for the inconvenience caused by this delay in our quarterly filing and investor conference call. We are dissatisfied with our recent results and are taking the necessary steps to address the issues that negatively impacted our performance, which fell well short of our prior projections,\u201d said Alessandro Maselli, president and chief executive officer of Catalent.<\/p>\n

For Stephens analysts, the forecasting issue \u201craises a variety of questions\u201d and is \u201cthe latest (and perhaps largest) shoe to drop at CTLT.”<\/p>\n

Catalent also noted a goodwill impairment in the consumer health business of more than $200M, which is related to the acquisition of Bettera Wellness.<\/p>\n

\u00a0<\/p>\n<\/div>\n

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

\u00a9 Reuters. Catalent (CTLT) crashes 30% after cutting guidance, delaying results Catalent (NYSE:) shares fell 30% in premarket Monday after the inhaler maker delayed its third-quarter results and slashed its full-year outlook. The company was previously scheduled to report on May 9 but it now expects to report on May 15. Last month, Catalent said […]<\/p>\n","protected":false},"author":1,"featured_media":5772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-6318","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nCatalent crashes 30% after cutting guidance, delaying results | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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