Owens & Minor (NYSE:OMI) shares ticked slightly down today on third-quarter results that beat the consensus forecast.
The Richmond, Va.-based company posted profits of $46.1 million, or 76¢ per share, on sales of $2.2 billion for the three months ended Sept. 30, 2020, for a massive bottom-line gain from profits of $1.2 million this time last year on a sales decline of -4.6%.
Adjusted to exclude one-time items, earnings per share were 81¢, 5¢ ahead of Wall Street, where analysts were looking for sales of $2.1 billion.
“I am delighted to report another strong quarter, driven by our exceptional operating performance supported by our dedicated teammates,” Owens & Minor president & CEO Edward Pesicka said in a news release. “It is our ability to support the complete value chain with our Americas owned and operated manufacturing facilities combined with our broad external supplier base and integrated with our robust distribution network, which allows us to operate at the highest levels of performance to best serve our customers.
I am immensely proud of our accomplishments over the past several quarters, but we recognize that we’re not done yet.”
Owens & Minor said it expects to log adjusted EPS of between $1.90 and $2.00 for the full year, inclusive of its $172.5 million equity offering from last month’s share count. The company also said it is positioned to deliver double-digit earnings growth in 2021.
OMI shares were down -0.2% at $26.02 per share in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1.8%.