Integer Holdings (NYSE:ITGR) today reported third-quarter earnings that beat the Wall Street consensus forecast on earnings — but not on revenue.
The Plano, Texas–based medical device contract manufacturing giant reported profits of $30.3 million, or 92¢ per share, off sales of $236 million for the quarter ended Oct. 2, 2020, for steady bottom-line and a top-line decline of 22% compared with Q3 2019.
Adjusted to exclude one-time items, earnings per share were 50¢, 14¢ ahead of Wall Street, where analysts were looking for sales of $240.2 million.
“Our third-quarter results demonstrate improved profitability versus the second quarter, and we expect the fourth quarter to be even stronger, as sales begin to recover from the pandemic and the profit margin rate recovery accelerates”, said Integer CEO Joseph Dziedzic.
“Our Manufacturing Excellence strategic imperative continues to deliver strong operational and financial results. We remain focused on executing our strategy and making the necessary investments to be our customers’ partner of choice and deliver our financial objectives,” Dziedzic said in a news release.
Integer expects fourth-quarter sales to be $20 million to $35 million higher than Q3 2020.
Investors reacted by sending ITGR shares up 0.15% to $61.03 apiece in trading today.
