Owens & Minor (NYSE:OMI) posted second-quarter results yesterday that beat the consensus forecast on Wall Street and adjusted its outlook for the rest of the year.
The Mechanicsville, Va.-based company reported profits of -$10.5 million, or -18¢ per share, on sales of $2.5 billion for the three months ended June 30, 2019, for a bottom-line loss of -94.3% compared with Q2 2018.
Adjusted to exclude one-time items, earnings per share were 10¢, 3¢ ahead of the consensus on Wall Street, where analysts were looking for sales of $2 billion.
“Overall, I’m pleased that our financial results showed sequential quarterly revenue growth, operating income growth, and improvement in cash flow and working capital as compared to the first quarter. We continued to improve our service levels in the second quarter and are meeting or exceeding most customer expectations. Finally, we continue to focus on productivity and efficiency initiatives to drive operating improvement,” president and CEO Edward Pesicka said in prepared remarks. “After my first full quarter, we are making progress, but we cannot underestimate the significant amount of work ahead. We have no intention of letting up on our renewed customer focus.”
Owens & Minor said it is narrowing its adjusted net income per share guidance range to 60¢ to 70¢, excluding the impact of currency.
Investors reacted today by sending OMI shares up 16.7% to $4.75 apiece in afternoon trading.