Share prices for Smith & Nephew (NYSE:SNN) are up today after the medical device company reported second-quarter numbers that beat expectations.
Smith & Nephew posted sales of $1.25 billion during the three months ended June 30, up 4.3% over Q2 2017. The company, which no longer reports first- or third-quarter earnings results, said operating profits during the first half slid -10.1% to $372 million, or 31.4¢ per share, on sales growth of 4.5% to $2.44 billion.
Adjusted to exclude one-time items, earnings per share were 43.7¢, Smith & Nephew said.
“We delivered 4% reported and 2% underlying growth in the quarter. We reconfirm our full year guidance,” new CEO Namal Nawana said in prepared remarks. “In my first few weeks at Smith & Nephew I have reviewed our businesses and operations and validated that we have an excellent product portfolio with numerous best-in-class medical technologies. We are now focused on energizing and organizing the business to accelerate growth.”
Smith & Nephew said it still expects to post flat trading margin growth on underlying revenue growth of 2% to 3% this year.
In New York, SNN shares rose 2.1% to $36.31 apiece today in mid-morning trading. In London, SN shares were up 2.6% to £13.55 each today as of about 3pm local time.
