Dentsply Q2 earnings beat the Street, sales slip

August 2, 2019 By Nancy Crotti Leave a Comment

Dentsply Sirona (NSDQ:XRAY) reported second-quarter earnings today that beat the consensus forecast on Wall Street and raised its outlook for the rest of the year.

The York, Penn.-based company reported profits of $36.4 million, or 0.16¢ per diluted share, on sales of $1.01 billion for the three months ended June 30, 2019. For the second quarter of 2018, the company posted a loss of $1.12 million. Sales for Q2 2019 slipped by 3% compared with the same quarter of 2018.

Adjusted to exclude one-time items, earnings per share were 0.66¢, or 0.6¢ ahead of The Street, where analysts were looking for sales of $1.03 billion.

“It was a solid quarter as we continue to deliver on the core elements of our restructuring plan of growth, margin improvement and organization simplification,” CEO Don Casey said in a news release. “Second-quarter internal growth of 3% is in line with the target we outlined last November. Our new product lineup is set to drive continued growth in the back half of the year. We are operating in our new, simplified structure that is improving efficiency and enabling us to achieve approximately a one thousand reduction in headcount over the past eight months.”

Dentsply announced restructuring plans in November 2018 that would eliminate 6% to 8% of its workforce.

Today, the company said it expects to log adjusted EPS of $2.35 to $2.45 this year, up from prior guidance of $2.30 to $2.40, and maintained its top-line outlook to $3.95 billion to $4.05 billion.

Investors reacted by sending XRAY shares down -1.05% to close today at $52.77 apiece.

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