Owens & Minor increases revenue 14 percent
- October 27, 2009
Medical and surgical supplier Owens & Minor reported a 14 percent increase in revenue during the third quarter.
The Mechanicsville-based company said its revenue had increased to $2.03 billion, up 13.9 percent from the $1.79 billion reported during the same quarter last year.
Profit was buoyed by a drop in one of the company’s suppliers. Net income soared 37.2 percent to $34.7 million, compared with $25.3 million last year.
“As we enter the home stretch of 2009, we are pleased with revenue gains, operating earnings improvement, and positive cash flows, but recognize that we are challenged with lower profitability from some of our new and acquired customers,” Craig R. Smith, president and CEO of Owens & Minor, said in a statement. “As we have done before, we will work with these new customers to improve operating margins.”