NEW YORK, NY / ACCESSWIRE / October 31, 2018 / Shares of Electro Scientific Industries was soaring on Tuesday as the company reported second quarter results and announced that it would be acquired by MKS Instruments for $1 billion. Shares of Amedisys was also in the green after reporting solid third quarter results.
RDI Initiates Coverage on:
Electro Scientific Industries, Inc.
Electro Scientific Industries, Inc. shares closed up about 91% on Tuesday with around 13.2 million shares traded. The stock hit a new 52-week high of $28.73 after announcing strong second quarter results and after Wall Street learned that the company is being acquired by MKS Instruments in a deal valued at $1 billion. The combined company is expected to have a top line of $2.2 billion and the transaction is expected to be accretive to non-GAAP earnings and free cash flow within 12 months of closing. The company is expecting cost synergies of $15 million within 18 months to 3 years. “We believe this combination will provide significant value for ESI’s customers, as well as create exciting opportunities for our employees,” said ESI CEO Michael Burger. “Over the years, MKS’ solutions have helped us improve our offerings for the printed circuit board process market. I anticipate that the continued close collaboration and expertise of these two outstanding companies will create even better and more valuable solutions for our customers.” Electro Scientific also reported its second-quarter results that were better than expectations. Reported EPS of 59 cents on Revenue of $85.9 million were better than the street’s expectation of EPS of 57 cents and Revenue of $84.35 million.
Access RDI’s Electro Scientific Industries, Inc. Research Report at:
Amedisys, Inc. shares were up a little over 14% yesterday on about 1.2 million shares traded. The company reported third quarter results earlier this week that topped what Wall Street was expecting. The Louisiana-based home health care and hospice services provider reported EPS of 95 cents, way higher than the street’s expectation of 77 cents per share. Revenues of $417.3 million was also much better than the $410.2 million expected by analysts. CEO Paul Kusserow said on the earnings call, "This has been another extremely strong quarter for Amedisys and we are very pleased with our results.” He continued, “For the third quarter, traditionally, our most challenging, we generated $417 million in adjusted revenue up 10% year-over-year, we generated EBITDA of $45 million, up 23% year-over-year and adjusted earnings per share of $0.95, up 70% year-over-year. These great results have led us to again increase our full year guidance ranges to better reflect how we see the rest of the year shaping up." Amedisys expects full-year earnings in the range of $3.54 to $3.60 per share, with revenue in the range of $1.65 billion to $1.67 billion.
Access RDI’s Amedisys, Inc. Research Report at:
Research Driven Investing
We are committed to providing relevant and actionable information for the self-directed investor. Our research is reputed for being a leader in trusted, in-depth analysis vital for informed strategic trading decisions. The nimble investor can leverage our analysis and collective expertise to execute a disciplined approach to stock selection.
RDInvesting has not been compensated; directly or indirectly; for producing or publishing this document.
Disclaimer: This article is written by an independent contributor of RDInvesting.com and Nadia Noorani, a CFA® charter holder, has provided necessary guidance in preparing the document templates. RDInvesting.com is neither a registered
For any questions, inquiries, or comments reach out to us directly at:
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.