Halyard Health (NYSE:HYH) has seen shares drop today despite the medical device maker surpassing expectations on Wall Street with its 1st quarter earnings results.
The Alpharetta, Ga.-based company posted profits of $12.8 million, or 27¢ per share, on sales of $395.6 million for the 3 months ended March 31, for negative bottom-line growth of 9.9% on sales growth of 2.8% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 48¢, well ahead of the 42¢ consensus on The Street, where analysts were looking for sales of $392.2 million.
“I’m pleased with our start to the year, as we delivered solid earnings and are on track to achieve our 2017 goals. Our balance sheet remains strong and we are well-positioned to continue executing our transformation into a leading Medical Devices company by generating organic growth and pursuing M&A opportunities,” CEO & chair Robert Abernathy said in a press release.
The company reiterated previously released guidance for the 2017 fiscal year, expecting to see adjusted diluted earnings per share of between $1.70 and $2.00.
Shares have dropped 3.4% so far in trading today, down $1.36 at $38.16 as of 3:02 p.m. EDT.
The post Halyard Health shares dip despite posting Street-Beating Q1 appeared first on MassDevice.
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