Illumina (ILMN) Tops Q1 Earnings and Revenue Estimates

Core Insights - Illumina reported quarterly earnings of $0.97 per share, exceeding the Zacks Consensus Estimate of $0.96 per share, and significantly up from $0.09 per share a year ago, indicating a strong performance [1] - The company generated revenues of $1.04 billion for the quarter, surpassing the Zacks Consensus Estimate by 0.25%, although this represents a decline from $1.08 billion in the same quarter last year [2] - Illumina has outperformed consensus EPS estimates three times over the last four quarters and has topped revenue estimates four times in the same period [2] Earnings and Future Outlook - The sustainability of Illumina's stock price movement will largely depend on management's commentary during the earnings call and future earnings expectations [3][4] - The current consensus EPS estimate for the upcoming quarter is $1.07 on revenues of $1.06 billion, while for the current fiscal year, the estimate is $4.43 on revenues of $4.31 billion [7] - The estimate revisions trend for Illumina is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6] Industry Context - The Medical - Biomedical and Genetics industry, to which Illumina belongs, is currently in the top 33% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]