Haemonetics swings to black for fiscal Q4, 2018

Haemonetics (NYSE:HAE) eked out a sales-and-earnings beat with its fiscal fourth-quarter and 2018 numbers today, posting swings to black ink for both periods.

The Braintree, Mass.-based blood management company reported profits of $11.9 million, or 22¢ per share, on sales of $233.6 million for the three months ended March 31, compared with losses of -$51.1 million during the same period last year; sales grew 2.4% over fiscal Q4 2017.

Adjusted to exclude one-time items, earnings per share were 43¢, a penny ahead of Wall Street, where analysts were looking for sales of $227.1 million.

Full-year profits were $45.6 million, or 85¢ per share, on sales growth of 2.0% to $903.9 million, compared with losses of -$26.3 million for fiscal 2017. Adjusted EPS were $1.87, dead even with The Street, where analysts forecast revenues of $898.0 million.

“In fiscal 2018, we focused on reorganizing and transforming our company. We launched our complexity reduction initiative, strengthened our talent base and received key regulatory clearances in our plasma business. Our performance exceeded our initial expectations, growing adjusted earnings per share 22% and free cash flow before restructuring and turnaround 43% on constant-currency revenue growth of 1%. We enter fiscal 2019 with confidence in our planned product launches and company-wide productivity efforts, and we are poised for accelerated growth,” CEO Chris Simon said in prepared remarks.

Haemonetics said it expedited its $260 million stock buyback with a $100 million, 1.2-million-share repurchase in February; by the time it closed yesterday, some 1.4 million shares were bought back.

The company said it expects to report adjusted EPS of $2.00 to $2.30 on constant-currency sales growth of 3% to 5% for fiscal 2019.

HAE shares were up 1.1% to $78.89 apiece today in early trading.

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