Integer Holdings (NYSE:ITGR) today reported third-quarter earnings that beat the consensus forecast, despite a bottom-line slide of some -73%, and raised its earnings outlook for the rest of the year.
The Plano, Texas-based medical device contract manufacturer said profits were down -73.2% to $30.6 million, or 92¢ per share, on a -0.5% top-line slip to $303.6 million for the three months ended Sept. 27, compared with Q3 2018. The year-ago period included some $122.4 million in income from since-discontinued operations, Integer said.
Adjusted to exclude such one-time items, earnings per share were $1.20, 14¢ ahead of Wall Street’s consensus, which put Q3 sales at $312.2 million.
“Integer delivered strong adjusted income growth in the third quarter, on flat sales, as our manufacturing excellence strategic imperative continues to deliver results,” president & CEO Joseph Dziedzic said in prepared remarks. “We expect a strong fourth quarter and have increased our full year profit outlook. Strong cash flow generation continued, which enabled debt leverage reduction to 3.0 times adjusted EBITDA. We continue to execute our strategy, including completing, in October, a bolt-on acquisition to add complex braiding capabilities for high-growth C&V markets.”
Integer said it now expects to put up adjusted EPS $4.55 to $4.65, compared with $4.25 to $4.45 previously, and stood fast on prior sales guidance for the low end of $1.27 billion to $1.28 billion.
ITGR shares closed down slightly at $77.61 apiece yesterday.
