ResMed Inc. RMD, -0.63%
shares rose in the extended session Thursday after the medical
equipment maker topped Wall Street estimates as it ramped up its
manufacturing of ventilators amid the COVID-19 pandemic. ResMed shares
rose 6.2% after hours, following a 0.6% decline in the regular session
to close at $155.32. The company reported fiscal third-quarter net
income of $163.1 million, or $1.12 a share, compared with $105.4
million, or 73 cents a share, in the year-ago period. Adjusted earnings
were $1.29 a share, compared with 89 cents a share in the year-ago
period. Revenue rose to $769.5 million from $662.2 million in the
year-ago quarter. Analysts surveyed by FactSet had forecast earnings of
$1.03 a share on revenue of $724.1 million. “We have rapidly pivoted our
business to respond by ramping up production of life support
ventilators, non-invasive ventilators, and ventilation mask systems for
the people who need them most, wherever they live,” said Mick Farrell,
ResMed chief executive, in a statement.
https://www.marketwatch.com/story/resmed-stock-rises-as-earnings-beat-on-ventilator-production-2020-04-30
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