Shares of Stevanato Group S.p.A. (NYSE: STVN), a leading producer of glass vials for COVID-19 vaccines, soared over 5% on Monday after the company reported better-than-expected third-quarter revenue and provided an optimistic full-year revenue outlook.
While the company's Q3 adjusted earnings of €0.12 ($0.13) per share narrowly missed analysts' estimates of €0.13, its revenue of €277.9 million surpassed the consensus estimate of €274.4 million. Stevanato attributed the revenue growth to strong demand for its pharmaceutical products.
For the full year 2024, Stevanato expects revenue in the range of €1.09 billion to €1.11 billion, in line with analysts' expectations of €1.09 billion. However, the company slightly lowered its adjusted earnings per share guidance to €0.47-€0.49, compared to the previous outlook of €0.48-€0.50.
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