OSI Systems, an electronics company, has reported its fourth-quarter earnings, surpassing analysts’ expectations. The company’s shares surged by 14% to $137.13 following the announcement.
Impressive Financial Performance
OSI Systems’ stock reached its 52-week high of $138.72 earlier in the session, demonstrating a remarkable 56% increase over the past 12 months. In the fourth quarter, the company recorded earnings of $42.4 million, or $2.46 per share, compared to $33.8 million, or $1.94 per share, during the same quarter last year.
Exceeding Analysts’ Predictions
According to a FactSet survey, analysts had forecasted earnings of $40.4 million, or $2.35 per share. However, OSI Systems outperformed these estimates, reporting higher earnings. The company also achieved higher revenue for the quarter, generating $411.9 million compared to last year’s $336.8 million and the predicted $382.9 million.
Strong Growth Potential
With an impressive quarter-end backlog of $1.8 billion, representing a 46% increase from the same period last year, OSI Systems is well-positioned for future growth. Looking ahead, the company expects substantial growth in revenue and adjusted earnings.
Positive Outlook for the Future
OSI Systems projects revenue growth of more than 18% for fiscal 2024 and anticipates adjusted earnings to be more than 25% higher than those of 2023.
