Richmond, Va.-based Owens & Minor posted losses of -$14.1 million, or -23¢ per share, on sales of $2.46 billion for the three months ended March 31, for a top-line gain of 3.7% compared with Q1 2018.
Adjusted to exclude one-time items, earnings per share were 2¢, two pennies below the consensus on Wall Street, where analysts were looking for sales of $2.46 billion.
“My first sixty days have been full of meetings with customers and teammates, and I am pleased with the open dialogue that has helped to validate some of our strategies and some of my initial perspectives,” president & CEO Edward Pesicka said in prepared remarks. “These meetings have also helped me to shape what adjustments need to be made to the business, some of which have already occurred with others yet to come, as I continue to collect information from our customers, partners, and teammates. As we move forward, you will see an increased level of intensity and accountability with a complete focus around serving our customers. We have a great foundation based on our broad offering of products, solutions and services, and I am increasingly confident in our ability to drive profitable growth in the future. In fact, the overall results from the first quarter of this year are consistent with the company’s operating plan.”
Owens & Minor said it still expects to report adjusted EPS of 60¢ to 75¢ this year.
OMI shares were off -1.3% to $3.71 apiece today in mid-morning trading.