York, Pa.-based Dentsply posted profits of $71.7 million, or 49¢ per diluted share, on sales of $732.1 million. That compares with Q1 2012 profits of $53.3 million, or 37¢ per diluted share, on sales of $716.4 million.
Dentsply lowered its 2013 earnings guidance to $2.33-$2.43 per share, down from previous estimates of $2.38-$2.48. CEO Brett Wise told investors last week that the change reflected worsening market conditions across the pond.
"We’re looking at slower markets than we expected in Europe at the beginning of the year and currency exchange has moved against us by several cents," Wise said during a conference call with investors. "We’re getting some help from a lower tax rate to offset both those issues, but not enough to fully mitigate it."