Hanger Inc. (NYSE:HGR) missed the mark in the 2nd quarter, posting numbers that came in well below the Street’s expectations, missing analysts average per-share estimates by 7¢.
Shares took a tumble off the bat, dropping 16% at after the July 31 release before leveling off at to trade at $33.08 last night, still an 11% dip from the stock’s pre-earnings value.
For the 3 months ended June 30, 2013, the Austin, Tex.-based company posted a 19% drop in profits compared to the same period in 2012. Wall Street pegged the company’s per-share earnings at 59¢, but Hangers’ adjusted EPS rang in at 52¢.
CEO Vinit Asar acknowledged the disappointing per-share earnings, saying the company is "pleased with overall sales performance" but "not satisfied" with Q2 results, according to prepared remarks.
The orthopedic device maker posted 2nd quarter 2013 profits of $14.1 million, or 40¢ per diluted share, on sales of $273.7 million. That compares with Q2 2012 profits of $17.8 million, or 51¢ per diluted share, on sales of $251.8 million.
Despite the hit, Hanger boosted its guidance for 2013 to a full-year range of $2.07-$2.13, a move the company attributed to a lower interest rate in its bank credit refinancing deal in June.
