Zimmer Biomet Jumps on Second-Quarter Earnings Beat
iStock
Shares of orthopaedic device maker Zimmer Biomet (ZBH) - Get Report jumped on Friday after the company reported second-quarter earnings and sales that beat analysts' forecasts.
Shares of the Warsaw, Indiana-based company gained more than 7%, or $9.18, to $132.89 after the company posted net income of $133.7 million, or 65 cents a share, down from $185 million, or 90 cents a share a year earlier.
On an adjusted basis, the company said it earned $1.93 a share, above the $1.91 a share expected by analysts polled by FactSet.
Revenue was $1.99 billion during the quarter, on par with the $1.99 billion expected by FactSet-surveyed analysts.
Zimmer said it now expects full-year earnings in the range of $7.75 to $7.90 a share.
Zimmer shares have risen 19% since the beginning of the year. The stock has increased nearly 6% in the past 12 months.