Shares in Dentsply Sirona (NSDQ:XRAY) rose today after the medical device maker beat expectations on Wall Street with its 3rd quarter earnings release.
The York, Penn.-based company posted profits of $90.5 million, or 39¢ per share, on sales of $1 billion for the 3 months ended September 30, seeing its bottom line shrink by 2% while its sales grew 5.8% compared with the same period during the previous year.
After adjusting to exclude 1-time items, earnings per share were 70¢, well ahead of the 65¢ consensus on Wall Street, where analysts were expecting to see revenue of $981.7 million.
“Our solid third quarter reflects the excitement around Dentsply Sirona World and strength in our chairside consumables business. We expect our momentum to continue with accelerating sales and earnings growth in the fourth quarter. Dentsply Sirona is well positioned as the market leader and innovator in the industry with significant opportunities. We are focused on accelerating the integration to drive operating leverage and faster top line growth. I am confident that we have the talent, the leadership and the right strategy to create significant value for years to come,” CEO Mark Thierer said in a prepared statement.
The company narrowed its earnings per share guidance for the rest of 2017, expecting it to be between $2.65 and $2.75 per diluted share.
Shares in Dentsply Sirona are up 6.4% so far today, at $65.08 as of 1:08 p.m. EDT.
Late last month, Dentsply Sirona was awarded $6.8 million in damages in a trade secret suit after the ex-engineer accused of stealing the designs stopped participating in the legal proceedings, according to court documents.
