EPS of $1.28 beat estimates of $0.9041 and revenues of $8.87B beat estimates of $8.39B. PKI achieved a record Adjusted EBITDA of $585M, significantly increasing over the prior year. Its cash from operations was $528M, demonstrating a 31% year-over-year increase. It reduced its leverage ratio from 3.3X to 2.9X. Management expects PKI to exceed its revised 2023 Adjusted EBITDA guidance range, driven by strong utilization, refinery optimization, favorable margins, and international business performance in Q3 2023. Its business units all showed impressive Adjusted EBITDA growth, led by its international segment. These are strong results, and the company continues to trade at a cheap valuation of 0.2X forward sales and 12.5X forward earnings.
5i Research Answer: