Exactech beats Wall Street, boosts earnings guidance after strong Q3

October 24, 2013 by Chris Walker

Exactech beats Wall Street expectations with its 3rd-quarter results and raises its earnings outlook for the rest of the year.

Exactech beats Wall Street, boosts earnings guidance after strong Q3

Exactech (NSDQ:EXAC) beat Wall Street's expectations with its 3rd-quarter earnings and adjusted its outlook for the rest of the year.

Exactech posted profits of $3.2 million, or 23¢ per share, on sales of $55.7 million for the 3 months ended Sept. 30. That's a profit gain of 25.0% on sales growth of 8.5% compared with the same period last year. Earnings per share were 23¢, 2 pennies ahead of Wall Street's 21¢ expectation.

The news sent EXAC shares up 0.4% to $22.09 apiece as of about 12:40 p.m. today.

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"We had a very successful quarter recording improvement in each of our operating segments. This resulted in a strong boost to net income and improved positive cash flow. Business strengthened pretty much across the board and we also benefited from a number of factors including a more favorable Euro exchange rate. New product lines are largely meeting our expectations and we continue to get welcomed favorable feedback from our surgeons and other customers. We also continue to benefit from strong cost controls supported in part by efficiencies from internal manufacturing operations," chairman & CEO Dr. Bill Petty said in prepared remarks.

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