Profits slide for Hill-Rom as it names Bard vet Groetelaars CEO

April 27, 2018 By Brad Perriello Leave a Comment

Hill-Rom Holdings (NYSE:HRC) said today that it’s naming C.R. Bard veteran John Groetelaars to be its new chief executive, effective May 14, as it reported a fiscal second-quarter profit slide on results that still managed to top the consensus.

Groetelaars is succeeding John Greisch, who in January announced his plans to retire by the fiscal third quarter. His replacement was president of the interventional business at Becton Dickinson (NYSE:BDX) after joining following the Bard acquisition last year, the Chicago-based company said.

In a separate release Hill-Rom posted profits of $28.5 million, or 42¢ per share, on sales of $710.5 million for the three months ended March 31, for a bottom-line slide of -17.2% on sales growth of 4.7% compared with the same period last year.

Still, adjusted to exclude one-time items, earnings per share beat the consensus estimate by 3¢, coming in at $1.05, prompting Hill-Rom to raise the low end of its full-year earnings guidance. Analysts on Wall Street were looking for sales of $705.5 million.

“Hill-Rom’s financial performance continues to reflect solid execution on our strategic priorities. With sustained momentum across our diversified core business, we are confident in our ability to drive accelerated revenue growth,” Greisch said in prepared remarks. “Innovation, international momentum, and strategic investments to strengthen our commercial capabilities and operational execution will continue to drive enhanced value for patients, caregivers and our shareholders.”

Hill-Rom said it now expects to report adjusted EPS of $4.60 to $4.65 this year, up from prior guidance of $4.57 to $4.65, on sales growth of 3% to 4%.

HRC shares were down -3.6% at $84.87 apiece today in late-morning trading.

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