Sorin puts 2012 earthquake behind with 92% Q2 profit growth

July 30, 2013 by Brad Perriello

Sorin Group said its 2nd-quarter profits surged nearly 92% despite flat sales growth as it put the damage from an earthquake in Italy behind it.

Sorin puts 2012 earthquake behind with 92% Q2 profit growth

Sorin Group (BIT:SRN) said it's finally put the impact of a devastating earthquake behind it, reporting surging profit growth and a return to normal operations for the Italian plant hit by the temblor.

The Italian medical device company posted profits of $18.8 million (€14.2 million) on sales of $248.9 million (€187.7 million) for the quarter, representing profit growth of 91.9% on a top-line slip of 0.3%. Adjusted to exclude 1-time items such as the earthquake, profits were down 13.4% from Q2 2012.

The temblors killed at least 27 people in May 2012. The first, rated at 6.1 on the Richter scale, struck May 20, with a pair of 5.2-magnitude aftershocks following 1st an hour later and then 11 hours after the first quake. Another 5.8-magnitude temblor hit May 29, causing widespread damage, especially to infrastructure that was already crippled during the first quake. The death toll from the second quake reached 20 people.

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Although no Sorin workers were hurt, its plant in Mirandola, 1 of 2 in Italy and 7 worldwide, was damaged. The plant makes oxygenators and disposable autotransfusion kits.

"At the end of the first half of 2013, the oxygenator and autotransfusion system segments recovered from the negative impact of the earthquakes," according to a press release.

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