The York, Penn.-based company posted profits of $39.2 million, or 17¢ per share, on sales of $946.2 million for the three months ended March 31, seeing profits shrink 51.7% while sales shrunk 1% compared with the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were 49¢, well ahead of the 39¢ consensus on Wall Street where analysts expected to see sales of $925.1 million, which the company also topped.
“Dentsply Sirona delivered solid financial results in the first quarter of 2019, with internal sales growth of 3.9% and a one hundred ten basis point year-over-year improvement in our adjusted operating income margin. This translated into adjusted EPS of $0.49, an increase of 9% as compared to the prior year period. The highlight of the quarter was our strong performance at the biannual International Dental Show in Cologne, where we introduced a variety of new products and received an excellent reception to our innovative, Primescan dental CAD CAM digital impression system. Our first quarter results clearly demonstrate that Dentsply Sirona is beginning to benefit from the comprehensive restructuring program that we put in place in November 2018 and we are confident that the program will continue to drive significant value for our shareholders as we move forward,” CEO Don Casey said in a prepared statement.
Dentsply Sirona narrowed its guidance for the year, expecting to post adjusted EPS of between $2.30 and $2.40, slightly up from earlier guidance of between $2.25 and $2.540. The company said it also expects to post sales of between $3.95 billion and $4.05 billion.
Shares in Dentsply Sirona have risen 6.5% so far today, at $54.86 as of 10:04 a.m. EDT.
In March, Dentsply Sirona saw shares rise after the dental-focused device maker released preliminary fourth quarter and full year 2018 earnings results that topped expectations on Wall Street.