Texas medical device maker Greatbatch (NYSE:GB) posted a profit in Q2 and nudged its 2013 per-share earnings guidance up for the 2nd time in 2 months. The device maker’s Q2’s sales eked out a 3% boost over last year’s figures and profits were up 10%, according to the financial release.
Share prices took a tumble on the morning of the earnings release, but regained that loss and then some over the weekend. GB shares were trading at $37.47 as of about 5:30 p.m. last night, up 1.4% on the day.
For the 3 months ended June 30, Greatbatch posted pre-tax profits of $31.3 million, or 56¢ per diluted share, on sales of $171.3 million. That compared with 2nd-quarter 2012 profits of $28.5 million, or 43¢ per diluted share, on sales of $166.5 million.
The company also boosted its full year guidance from $2.00-$2.05 per share to a new estimate of $2.05-$2.15, pegging sales growth at a hoped-for rate of 5-8%. This is the 2nd time in 2 months the company has boosted its full year estimates. Last month’s guidance adjustment came on the heels of restructuring efforts with subsidiary Electrochem Solution, shifting from a components and sub-assemblies company to a developer of full medical devices.
At the time, the company raised adjusted EPS expectations from $1.90-$2.00 per share to $2.00-$2.05, excluding the costs of restructuring.
"We are very pleased with our performance in the 2nd quarter, which reflected 6% constant currency organic revenue growth and a 30% increase in adjusted diluted earnings per share," said CEO Thomas Hook in prepared remarks. "Additionally, during the quarter we took steps to realign our operating structure in order to further facilitate our growth strategy."
