CONMED Q3 Profit Tops Estimate; Backs FY14 View

(RTTNews) - CONMED Corp. (CNMD) reported net income for the third quarter of $2.0 million or $0.07 per share, compared to $5.7 million or $0.20 per share for the year-ago quarter.

Excluding items, adjusted earnings per share for the third quarter was $0.44, compared to to $0.40 in the prior year period.

Sales for the third quarter fell 2.4% to of $174.96 million from $179.26 million a year earlier.

Analysts polled by Thomson Reuters expected the company to earn $0.39 per share on revenue of $173.31 million for the third quarter. Analysts' estimates typically exclude special items.

Based on the third quarter results, the company affirmed its full year 2014 revenue guidance of $735 million to $745 million and adjusted earnings per share guidance of $1.85 to $1.95. Analysts currently expect the company to earn $1.87 per share on revenue of $739.92 million for the full year 2014.

The company also said the CEO Search Committee of its Board of Directors has retained an outside executive search firm and is conducting interviews of potential candidates.