Shares of UL Solutions Inc. (NYSE: ULS) surged over 11% on November 5th, driven by the company's impressive third-quarter financial results and raised guidance for fiscal 2024.
The safety science company reported Q3 adjusted earnings of $0.49 per share, surpassing analysts' estimates of $0.39. Revenue for the quarter grew 8.1% year-over-year to $731 million, also exceeding expectations of $708.7 million. This strong performance was fueled by robust demand across UL Solutions' various business segments.
Building on its solid Q3 performance, UL Solutions raised its full-year 2024 revenue guidance, now anticipating mid-to-high single-digit constant currency organic revenue growth, up from its previous guidance. The company also reiterated its expectation for an improved adjusted EBITDA margin and capital expenditures of 8.0% to 8.5% of revenue.
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