Greatbatch (NYSE:GB) today released its 1st quarter earnings which are mostly on target with the Street’s expectations while reiterating its full year revenue guidance.
The Frisco, Texas based company reported losses of $12.7 million, or 41¢ per share, on sales of $332.2 million for the 3 months ended April 1. That amounts to a 258% turnaround from profits into losses while sales doubled compared with the same period in 2015.
Adjusted to exclude 1-time items, earnings per share were 42¢ per share. That’s 10¢ lower than analysts on Wall Street were looking for, expecting Greatbatch to bring in 52¢ per share.
The report came out after market closing and the company’s shares haven’t moved in after-hours trading, closing down 5.8% at $36.57 before the earnings were released.
“The 1st quarter results were in-line with our expectations. We made significant progress on the integration of Lake Region Medical, with the initial focus on combining our infrastructures into a single cohesive company. The next phase of the integration will focus on supply chain and global footprint optimization. We will continue to execute on our cost savings commitments and delivering improved organic growth. With the added vascular, orthopedic and advanced surgical products & capabilities, we are well positioned to leverage this comprehensive product portfolio to deliver innovative, cost-effective solutions for our customers and long-term returns to our shareholders,” CEO Thomas Hook said in prepared remarks.
Greatbatch released guidance for the coming quarter, expecting between $355 and $380 million, and full-year revenue at between $1.43 and $1.48 billion. Earnings per share for the year are expected to be between $3 and $3.35 the company said.