Owens and Minor posted fourth-quarter results that beat the consensus forecast on Wall Street.
The Mechanicsville, Va.-based company reported profits of $50.7 million, or 72¢ per share on sales of $2.4 billion for the three months ended Dec. 31, 2020, for a sales growth of 7.8% compared with Q4 2019.
Adjusted to exclude one-time items, earnings per share were $1.14, 29¢ ahead of The Street, where analysts were looking for sales of $2.2 billion.
“We delivered exceptional financial results for the quarter and full-year through strong execution,” president and CEO Edward Pesicka said in a news release. “Our productivity gains along with favorable product mix drove our margin improvement and significant earnings growth. During the year we successfully deleveraged our balance sheet while continuing to reinvest in our businesses. We have established a solid foundation for long-term profitable growth and enhanced financial flexibility.”
“The monumental effort of the Owens & Minor teammates in 2020 along with their relentless focus on serving our customers has reinforced our position in the healthcare industry as a trusted partner. I am very proud of how our teammates delivered on our mission of ‘Empowering Our Customers to Advance Healthcare’ and exemplified our ideal values in our swift response to the COVID-19 pandemic.”
The company expects adjusted net income for 2021 to be in a range of $3.00 to $3.50 per share to represent growth in the range of 33% to 55% over 2020 adjusted net income per share.
Investors reacted by sending OMI shares up 14.08% in pre-market trading to $29.01 apiece.