said it swung to profit in the third quarter.
The company earned $49.4 million, or 31 cents a share, in the quarter, compared with a loss of $60.8 million, or 39 cents a share, a year ago. Earnings, excluding restructuring and other related items and tax adjustments were $52.2 million, or 33 cents a share in the most recent quarter. Analysts polled by Thomson First Call were expecting earnings of 33 cents a share.
Third-quarter revenue rose 4.7% from a year ago to $435.7 million.
The company reaffirmed its earnings guidance of $1.38 to $1.42 a share for 2006, including stock options expense but excluding tax adjustments, and restructuring charges. Analysts are expecting earnings of $1.41 a share.
Net sales, excluding precious metal content, increased 5.8% to $394.8 million.
The York, Pa.-based company also said that it plans to reclassify its short-term investments and restate the consolidated results for 2004 and 2005, included in its Form 10-K for the year ended Dec. 31, 2005 and its Form 10Qs for the quarters ended March 31, 2006 and June 30, 2006 to reflect the required change. The restatements are not expected to impact net sales, net income, earnings per share, current assets, total assets, stockholders' equity, or cash flows from operating activities, the company added.
This story was created through a joint venture between TheStreet.com and IRIS.