Integer Holdings (NYSE:ITGR) stock was up today after reporting second-quarter earnings that beat the consensus forecast on Wall Street, with the company upping its earnings forecast for the rest of the year.
The Plano, Texas–based medical device contract manufacturing giant — one of the largest in the world — reported profits of $33.1 million, or $1.00 per share, on sales of $314.2 million for the three months ended June 28, for a bottom-line gain of 65% and flat sales growth compared with Q2 2018.
Adjusted to exclude one-time items, earnings per share for continuing operations were $1.23, 17¢ ahead of The Street, where analysts were looking for sales of $317.9 million.
“Integer delivered strong profit growth in the second quarter, on flat revenue which was in line with our expectations,” Integer CEO Joseph Dziedzic said in a news release.
“Strong cash flow generation enabled continued debt leverage reduction to 3.1 times adjusted [earnings before interest, taxes, depreciation and amortization]. We continue to execute our operational strategy and have increased our full year profit outlook,” Dziedzic said.
Integer said it expects to log adjusted EPS of $4.25 to $4.45 this year, up from prior guidance of $4.15 to $4.35, and kept its top-line outlook at $1.265 billion to $1.280 billion.
Investors reacted by sending ITGR shares up nearly 1% in value to more than $88 apiece near the close of trading today. The Dow Jones Industrial Average was down about 280 points near the close of trading.