EPS beat estimates of 85c coming in at 88c. Revenue missed forecasts of $7.93B coming in at $7.5B displaying a 4% year-over-year decline. Adjusted EBITDA was $504M increasing 7% from the prior year. PKI did however cut its adjusted EBITDA guidance for the full year now expecting $1.9B-$2B from $1.95B-$2.05B. The cut came as a result of an "unplanned shutdown at the Burnaby Refinery in the first quarter of 2024, and unfavorable market conditions experienced in the first six months of 2024 that may persist for the rest of the year." The stock is down 1% so far today and the cutting of guidance along with the revenue miss are having the stock move the wrong way. Not a great quarter from PKI as the shutdown Q1 and negative market conditions are having their effects.
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