Haemonetics Q1 Profit Beats Estimates; Announces Restructuring - Quick Facts

(RTTNews) - Haemonetics Corp. (HAE) said its first-quarter results were a positive start to the year. The company increased its fiscal 2020 adjusted earnings guidance. Also, Haemonetics launched an Operational Excellence Program to improve manufacturing and supply productivity.

For the first-quarter, adjusted net income per share was $0.81 compared to $0.59, previous year. On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.63, for the quarter. Analysts' estimates typically exclude special items.

First quarter revenue was $238.5 million, up 4.0% from a year ago. Analysts expected revenue of $237.72 million, for the quarter.

For fiscal 2020, the company now expects adjusted earnings per share in a range of $2.95-$3.15, up from previous guidance range of $2.80-$3.00. Analysts expect the company to report profit per share of $2.94.

Haemonetics also announced an Operational Excellence Program, a restructuring initiative. The company plans to reduce cost principally in the manufacturing and supply chain. The program targets $80 to $90 million in annual savings. The company expects to incur restructuring and related charges of $60 to $70 million.