The Braintree, Mass.-based company posted losses of $6.5 million, or 12¢ per share, on sales of $234 million for the 3 months ended December 30, seeing the bottom line shrink 142.5% while sales grew 2.7% compared with the same period last year.
Adjusted to exclude one-time items, earnings per share were 62¢, well above the 44¢ consensus on Wall Street where analysts hoped to see sales of $226.9 million, which the company also topped.
“Our strategy is working and we have good momentum in our businesses, including revenue mix, gross margin and net income. The company moved forward with the complexity reduction initiative and the turnaround is on track. We are raising our fiscal 2018 adjusted earnings per share and free cash flow guidance,” CEO Chris Simon said in a press release.
The company released updated guidance for its fourth quarter and full fiscal year 2018, lifting its expectations for full year non-GAAP EPS from between $1.65 and $1.75 to between $1.80 and $1.90.
Shares in Haemonetics are up 8.8% so far today, at $66.05 as of 2:43 p.m. EST.