Owens & Minor's (OMI) net income rose in the second quarter.
Earnings and Revenue
The company fell short of estimates with EPS of 48 cents a share and revenues of $2.19 billion. Analysts were expecting EPS of 49 cents a share and revenues of $2.23 billion.
The company's net income for the quarter rose 3.3% to $30.1 million. Revenue climbed 2.5% from $2.13 billion in the same period last year.
Company Fundamental Trends
Last quarter marked at least the fourth in a row of rising net income. Profits rose 2.2% in the first quarter, 9.9% in the fourth quarter of the last fiscal year and 5.9% four quarters ago from the year earlier. The company's revenue has grown during at least each of the past four quarters on a year-over-year basis.
History Against Expectations
The company has now missed estimates in the last two quarters. In the first quarter, it missed expectations by 2 cents with net income of 46 cents versus a mean estimate of net income of 48 cents per share.
"This quarter's results highlight many of our traditional areas of strength, such as strong expense and asset management," said Craig R. Smith, president & chief executive officer of Owens & Minor. "As a team, we continue to work on improving our profitability and advancing our strategic initiatives. We are excited about the Movianto transaction, which will bring together two companies with very similar cultures. We look forward to welcoming the Movianto team to the Owens & Minor family."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.