12:45 PM EDT, 05/09/2024 (MT Newswires) -- (Updates with stock movement in headline and first paragraph.)

Stevanato Group's (STVN) shares tumbled more than 22% in recent trading Thursday after it reported Q1 adjusted earnings of 0.08 euros ($0.09) per diluted share, down from 0.11 a year earlier.

Analysts polled by Capital IQ expected 0.11 euros.

Revenue for the quarter ended March 31 was 236 million euros, down from 238 million euros a year earlier.

Analysts surveyed by Capital IQ expected 237.2 million euros.

The drug delivery and diagnostic company said it now expects 2024 adjusted earnings of 0.51 to 0.55 euros, down from its prior guidance of 0.62 to 0.66 euros. Analysts polled by Capital IQ expect 0.63 euros.

Revenue for the year is now expected at 1.13 billion to 1.16 billion euros, compared with the previous outlook of 1.18 billion to 1.21 billion euros. Analysts surveyed by Capital IQ expect 1.19 billion euros.

Price: 20.94, Change: -5.98, Percent Change: -22.20