Third-quarter earnings, excluding special items, declined 37% year-over-year to $1.58 per share from $2.49 per share last year. On a reported basis, net income plunged to $392.2 million or $0.79 per share in the July quarter from $877.0 million or $1.74 per share in Q3 2023.
The bottom line was negatively impacted by a 25% fall in revenues to $2.31 billion in the third quarter from $3.08 billion in the prior year period.
“Improved customer inventory levels and order momentum, across most of our markets, position us to grow again sequentially in our fourth quarter, increasing our confidence that we are past the trough of this cycle. However, economic and geopolitical uncertainty continues to limit the pace of the recovery,” said the company’s CFO Richard Puccio.
