The Melville, N.Y.-based company posted profits of $138 million, or 87¢ per share, on sales of $3.2 billion for the 3 months ended September 30, seeing the bottom-line grow 3.2% while sales grew 10.2% compared with the same period last year.
Earnings per share didn’t budge after adjusting for 1-time items and sat just below the 89¢ expectations on Wall Street, where analysts expected to see sales of $3.1 billion for the quarter.
“Solid overall sales results for the quarter reflect continued success with our comprehensive offering of products and value-added services that drive internal growth, complemented by strategic acquisitions. Third quarter sales growth was negatively impacted by approximately 30 basis points due to the recent hurricanes in the U.S. as well as a difficult comparable in dental equipment sales as we reported double-digit sales growth in the third quarter of 2016 associated with a successful sales promotion,” board chair & CEO Stanley Bergman said in a press release.
The company adjusted its 2017 fiscal year EPS guidance, expecting to see between $3.46 and $3.48 diluted earnings per share, down from earlier guidance of between $3.57 and $3.63. Non-GAAP EPS is expected to be between $3.59 and $3.61, down from between $3.59 and $3.65.
“During 2018 and beyond, we expect to continue to make progress with our focus on increasing sales of higher-margin products, as well as improving operating efficiencies to achieve long-term EPS growth,” Mr. Bergman said in a prepared statement.
Shares fell 9.8% today, closing at $70.04.