How did BIO's Q3 2024 earnings surprise analysts?

Bio-Rad Laboratories (BIO) reported a net income of $653.17 million for Q3 2024, which was a significant surprise to analysts as the EPS surprise was $0.85. This positive earnings surprise indicates that the company's performance for the quarter was better than what analysts had anticipated. |code|Ticker|Name|Date|Net Income|market_code| |---|---|---|---|---|---| |BIO|BIO.N|Bio-Rad Laboratories A|2023 Q4|3.497E8|169| |BIO|BIO.N|Bio-Rad Laboratories A|2024 Q1|3.83916E8|169| |BIO|BIO.N|Bio-Rad Laboratories A|2024 Q2|-2.165486E9|169| |BIO|BIO.N|Bio-Rad Laboratories A|2024 Q3|6.53172E8|169| However, it's important to note that analysts had lowered their earnings estimates for BIO prior to the earnings release. Zacks Research, the analyst firm that lowered its estimates, now expects BIO to post earnings per share (EPS) of $2.13 for Q3 2024. This suggests that while the company's performance exceeded expectations, analysts may have had concerns about the sustainability of this performance or other factors that could impact future earnings. In summary, BIO's Q3 2024 earnings exceeded analysts' expectations, but this was despite a recent downward adjustment in earnings estimates by Zacks Research.