Medical device contract manufacturing giant Integer Holdings Co.(NYSE: ITGR) reported a mixed bag when it came to second-quarter results.
Nearly two years after Greatbatch and Lake Region Medical merged to create Frisco, Texas–based Integer, sales are growing, but second-quarter profits did not meet analysts’ expectations, according to earnings released yesterday evening.
Integer earned $3.0 million, or 9 cents per share, off $362.7 million in revenue for the quarter ended June 30, versus a loss of $770,000, or 3 cents per share, off $348.4 million in revenue for the same quarter a year ago.
Adjusted second-quarter net income was 62 cents per share. Analysts on average expected 67 cents per share earnings, according to Yahoo! Finance.
Gary Haire, Integer’s EVP and CFO, told analysts during a conference call that earnings have improved amid “reduced spending on integration, restructuring, and consolidation and optimization activities.”
“These improvements were offset by the unfavorable foreign exchange impact of $5.5 million in the quarter and a $5 million impairment of a minority investment that was made back in the 2008 and 2009 time frame,” Haire said during the call, which was transcribed by Seeking Alpha.