The Braintree, Mass.-based company posted profits of $15.4 million, or 30¢ per share, on sales of $227.8 million for the 3 months ended Dec. 31, for a significant swing on the bottom line from $59.4 in losses last year while sales shrunk 2.4%.
After adjusting to exclude 1-time items, earnings per share were 43¢, ahead of consensus on The Street where analysts were looking for sales of $220 million.
“Through the first 3 quarters of fiscal 2017 we achieved our revenue, profit and cost reduction objectives. Results are in line with our expectations and we are confident that our full year 2017 results will be at the high end of our previous guidance ranges. We have embarked upon a multi-year journey consisting of 3 broad phases: stabilizing, transforming and accelerating growth. We have achieved our objective of stabilizing the company and have taken steps to right-size our cost base. We are establishing a culture of delivering on commitments and we are on track to exceed our $40 million fiscal 2017 savings target,” CEO Christopher Simon said in a press release.
Haemonetics updated its guidance for the coming year, expecting earnings per share for the full year to be at the high end of between $1.40 to $1.50.
HAE shares haven’t budged in after-hours trading after a rough day, dropping 8.1% to close at $38.