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Owens & Minor Releases 2nd Quarter 2012 Financial Results; Company Plans To Acquire European Healthcare 3PL Business

Stocks in this article: OMI

Owens & Minor, Inc., (NYSE-OMI) today reported financial results for the second quarter ended June 30, 2012, including quarterly revenue of $2.19 billion, improved 2.5% from revenue of $2.13 billion for the second quarter of last year. For the second quarter of 2012, net income was $30.1 million, or $0.48 per diluted share, compared to $29.2 million, or $0.46 per diluted share, for the same period of 2011. Owens & Minor also announced that it has agreed to acquire the Movianto Group (“Movianto”), the healthcare third-party logistics (3PL) business of Celesio AG, effectively launching Owens & Minor into the European healthcare market.

“This quarter’s results highlight many of our traditional areas of strength, such as strong expense and asset management,” said Craig R. Smith, president & chief executive officer of Owens & Minor. “As a team, we continue to work on improving our profitability and advancing our strategic initiatives. We are excited about the Movianto transaction, which will bring together two companies with very similar cultures. We look forward to welcoming the Movianto team to the Owens & Minor family.”

For the second quarter of 2012, operating earnings were $53.2 million, or 2.43% of revenues, improved when compared to operating earnings of $51.0 million, or 2.39% of revenues, for the same period last year. The improvement was driven primarily by lower expenses.

Year-to-Date Results

For the six months ended June 30, 2012, revenue was $4.40 billion, improved $148 million, or 3.5%, when compared to revenue of $4.26 billion for the first six months of 2011. Net income for the first half of 2012 was $59.5 million, or $0.94 per diluted share, improved $1.6 million when compared to net income of $57.9 million, or $0.91 per diluted share in the same period last year. Operating earnings for the year-to-date period were $105.0 million, or 2.39% of revenues, compared to operating earnings of $102.0 million, or 2.40% of revenues, for the same period of 2011.

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