Integer Holdings (NYSE:ITGR) share prices rose today after the contract manufacturer posted third-quarter results that handily beat the consensus forecast, powered by a whopping 733.3% bottom-line gain.
Plano, Texas-based Integer reported profits of $114.1 million, or $3.54 per share, on sales of $305.1 million for the three months ended Sept. 28, for top-line growth of 6.6% compared with Q3 2017.
Adjusted to exclude one-time items, earnings per share were $1.06, well ahead of the 93¢ expectation on Wall Street, where analysts were looking for sales of $292.6 million.
“Integer delivered another strong quarter of sales growth and even stronger net income, leading to another increase in our revenue and EPS guidance,” president & CEO Joseph Dziedzic said in prepared remarks. “We also reduced our debt dramatically during the quarter and lowered our debt leverage ratio to 3.7 times adjusted EBITDA, down from 5.6 at the beginning of the year.
“With the executive leadership team in place, we are focused on executing our portfolio strategy to win in the markets we serve and our operational strategy to achieve excellence in everything we do. We remain in a strong position to deliver on our long-term objectives of sales growth above the market, profit growth two times sales growth, and earning a valuation premium,” Dziedzic said.
Integer raised its adjusted EPS guidance to $3.55 to $3.70, up from $3.35 to $3.65 previously, and boosted its top-line outlook to $1.197 billion to $1.212 billion, compared with $1.170 billion to $1.195 billion previously.
ITGR shares rose 3.3% on the news, to $76.90 apiece, in early trading today.
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