Owens & Minor revenues results affected by cautious consumers
- July 27, 2010
Medical and surgical supplier Owens & Minor says the weak economy has affected sales.
The Hanover County-based company reported that second-quarter revenues had risen slightly to $2.02 billion in the second quarter from $2.01 billion in the second quarter of 2009. The company said its full-year results would likely be at the lower end of its predictions in April.
“During the first half of this year, our business felt the impact of lower than expected utilization of healthcare services,” Craig R. Smith, president & CEO of Owens & Minor, said in a statement. “Assuming there is no meaningful change to current economic conditions, we now believe that our full-year revenue results will improve slightly when compared to the prior year. And, we believe that our earnings per diluted share will likely be at the lower end of the previously stated range of $1.93 to $2.03.”
Profit in the second quarter was $29.5 million, or 46 cents per diluted share, compared to $23.6 million, or 38 cents per share, in the second quarter last year. Last year’s second quarter results included pre-tax charges associated with exiting its direct-to-consumer diabetes supply business.