It was a bloody good first quarter for Haemonetics Corp., which managed to post sales and earnings increases and improve its margins during the three months ended June 27, but still failed to meet Wall Street’s revenue growth expectations.
The Braintree, Mass.-based blood management products maker posted sales of $154.1 million, up 6.9 percent compared with $144.1 million during the first quarter of fiscal 2009, and net income of $18.1 million.
That’s a 26 percent income increase compared with the same period last year, when Haemonetics posted net income of $14.3 million.
And margins improved on nearly every front, with gross profit margins up 3.1 percent, operating income margins up 3.7 percent and net income margins up 1.7 percent.
But the strong performance again failed to impress Wall Street, according to StreetInsider.com. The website, calling the fiscal 2010 first-quarter results “mixed,” said Haemonetics missed analysts’ forecasts for sales growth by nearly $3 million.
The company said it expects sales to grow as much as 11 percent during the full year, with net income rising as much as 15 percent.