Integer Holdings (NYSE:ITGR) shares were up at close today on fourth-quarter results that topped the consensus forecast, despite a big dip in profits.
The Plano, Texas-based company posted profits of $11 million, or 33¢ per share, on sales of $325.6 million for the three months ended Dec. 31, 2019, for a 57.2% bottom-line slide on sales growth of 7.5%.
Adjusted to exclude one-time items, earnings per share were $1.25, 8¢ ahead of Wall Street, where analysts were looking for sales of $321.3 million.
“Integer delivered strong earnings growth in 2019 as our manufacturing excellence strategic imperative is delivering operational and financial improvements,” Integer president & CEO Joseph Dziedzic said in a news release. “We exceeded our original 2019 adjusted profit guidance as we continue to deliver on our commitments to investors. We further strengthened our leadership team to enable us to accelerate the execution of our strategy and deliver for our customers.”
Integer Holdings, the world’s largest medical device contract manufacturer, said it now expects to log adjusted EPS of $5.10 to $5.30, compared with $4.55 to $4.65 previously, and updated its prior sales guidance for between $1.29 billion and $1.31 billion, up from the $1.27 billion to $1.28 billion range projected at the end of the third quarter.
ITGR shares were up 6.2% at $98.99 at market close today.
