Shares in Integer Holdings Corp. rose today after the contract manufacturing giant posted first quarter 2019 earnings that topped both sales and earnings per share consensus on Wall Street.
The Plano, Texas-based company posted profits of approximately $21.7 million, or 67¢ per share, on sales of approximately $314.7 million for the three months ended March 31, seeing 166.9% growth on the bottom line while sales grew 7.6% compared with the same period from the previous year.
Adjusted to exclude one-time items, earnings per share were $1, ahead of the 81¢ consensus on Wall Street. Analysts also expected to see sales of $301.8 million, which Integer beat.
“Integer delivered strong revenue and profit growth in the quarter, consistent with our 2019 quarterly growth expectations. We are on track to deliver on our improved full year guidance, which reflects a slight increase in sales and EPS. These changes demonstrate our commitment to executing our strategy and complete the Integer senior leadership team. We are thankful for Tony Gonzalez’s fourteen years of leadership at Integer, including the last three as President of CRM&N, and wish him the best in the next phase of his personal and professional life. With Tony’s full support through the end of the year, I am confident we will have a smooth transition,” prez & CEO Joseph Dziedzic said in a prepared statement.
The company released guidance for the full 2019 year, expecting to post sales of between $1.265 billion and $1.28 billion with diluted EPS of between $2.87 and $3.07.
Shares in Integer closed up approximately 6.6% today at $72.21.
Last month, Integer hired a former St. Jude Medical executive to serve as president of its cardiac rhythm management and neuromodulation product line.
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