The Frisco, Texas-based medical device OEM reported losses of -$4.3 million, or -14¢ per share, on sales of $345.4 million for the 3 months ended March 31, slashing losses by -65.7% on sales growth of 4.0% compared with Q1 2016.
Adjusted to exclude 1-time items, earnings per share were 41¢, a full 18¢ shy of the expectation on The Street, where analysts were looking for sales of $334.6 million.
“First-quarter results are in-line with our full-year expectations and demonstrate continued progress with our customers as we move our business back to a growth trajectory following a challenging 2016,” interim president & CEO Joseph Dziedzic said in prepared remarks. “With the initial phase of our integration efforts nearly behind us, we now turn our focus to optimizing our newly integrated business processes and continuing to serve our customers with differentiated innovation and services. We remain focused on generating strong cash flow to invest for organic growth and to accelerate the pay down of our debt. The first quarter was a good start to the year and supports our reaffirmed 2017 outlook.”
Integer said it expects to log adjusted EPS of $2.70 to $3.10 this year on sales of $1.39 billion to $1.43 billion. ITGR shares closed down -.04% at $35.50 per share yesterday, ahead of the company’s earnings release.