Owens & Minor Offers Mixed Bag in Third Quarter
Health care distribution and logistics services provider Owens & Minor reported third-quarter results yesterday after the markets closed, showing that it posted net revenues of $2.3 billion, a near 6% increase from the same period in the previous year, and just ahead of the $2.26 billion Capital IQ consensus estimate.
While adjusted net income came in at $29.9 million, or $0.47 per share, short of the $31.2 million, or $0.49 per share, in the same period in 2012, it was $0.02-per-share worse than the CapIQ estimates of $0.49 per share.
Owens & Minor says its international segment was the primary reason for the improved revenue picture this quarter, but that came about as a result of its acquisition of Movianto in August 2012. Here at home it benefited from an additional selling day in the quarter, but margins took a hit because of lower margin sales to hospitals.
The distribution and logistics services provider says it expects revenues to grow 2% to 4% in 2013, and is targeting adjusted net income at the lower end of its original guidance of $1.90 to $2.00 for the year, in-line with analysts expectations of earnings of $1.90 per share on revenues of $2.31 billion.
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