ELAN - Why Elanco Animal Health Stock Was Pure Catnip to Investors This Week
2023-11-10 17:20:36 ET
Elanco Animal Health (NYSE: ELAN) stock bounced like a sprightly kitten this week. Shares leaped more than 11% higher during the period, according to data compiled by S&P Global Market Intelligence , on the back of encouraging quarterly results from the company.
Elanco's third-quarter results were published on Tuesday, revealing that the very specialized healthcare company earned just under $1.07 billion in revenue. This was a 4% improvement over the same quarter of 2022. A slightly higher increase of 6% was reported with non-GAAP (adjusted) net income, which landed at $90 million, or $0.18 per share.
On average, analysts tracking Elanco stock were expecting less. Their consensus estimate for revenue was only $1.04 billion, while they significantly underestimated the company's adjusted net income with a projection of $0.12 per share.
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Why Elanco Animal Health Stock Was Pure Catnip to Investors This Week