Owens & Minor (NYSE:OMI) posted first-quarter results today that missed the consensus on Wall Street but raised its full-year guidance range for adjusted net income.
The Richmond, Va.-based company reported profits of $69.589 million, or 98¢ per share, on sales of $2.327 billion for the three months ended March 31, for a sales growth of 9.61% compared with Q1 2020.
Earnings per share were 98¢, 1¢ behind The Street, where analysts were looking for sales of $2.37 billion.
“We’re pleased to deliver another quarter of excellent growth on the top and bottom line as we continue to execute on the Owens & Minor business blueprint. Our first-quarter results reflect strong operational execution across the company, powered by continued strength in global products and favorable market dynamics including an uptick in elective procedures in March,” president and CEO Edward Pesicka said in a news release. “We also recapitalized our debt structure, thereby improving our strategic and operational flexibility.”
“We have raised our full-year guidance range for adjusted net income to $3.75 to $4.25 per share. The increased guidance is in light of the strong first-quarter performance, our favorable outlook around elective procedures, and improved line of sight toward PPE demand into the third quarter.”
Owens & Minor said it expects to log an adjusted net income for 2021 in the range of $3.75 to $4.25 per share and an adjusted EBITDA in the range of $450 million to $500 million.
Shares in OMI were up 4.14% to $36.50 apiece in pre-market trading.