Medical technology company
said its third-quarter earnings rose 69% from a year ago, on strong dental product sales.
The Melville, N.Y.-based company earned $39.3 million, or 44 cents a share, for the quarter, compared with $23.3 million, or 26 cents a share, for the year ago period. Analysts polled by Thomson First Call were expecting earnings of 53 cents a share for the quarter.
Third-quarter revenue rose 13% from a year ago to $1.27 billion as against analysts' expectation of $1.32 billion.The company's earnings guidance is $2.11 a share to $2.14 a share for 2006. Analysts expect $2.14 a share for the year. The company also provided guidance for 2007 at $2.51 a share to $2.57 a share while analysts expect $2.54 a share for the same period.
The dental segment grew 16.4%; medical grew 8.9%; international grew 12.3%; and technology grew 17.3% compared with the year-ago quarter.
"We posted solid financial results during the third quarter, with particular strength from our Dental Group. Our quarterly results were impacted by the timing of receipt of influenza vaccine from manufacturers, which this year will predominantly be in the fourth quarter," the company said. "We are pleased today to introduce 2007 diluted EPS guidance that represents growth of 18% to 21% compared with the mid-point of our expected 2006 results."
The company announced that it repurchased 47,861 shares of common stock during the third quarter at an average price of $47.24 a share. About $86 million remain authorized for future stock repurchases.
Shares rose 58 cents to $49.60.
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