Haemonetics Q2 Profit Down, Below Estimates

(RTTNews) - Haemonetics Corporation (HAE) on Tuesday reported lower earnings in the second quarter despite rise in revenue. It also narrowed the outlook range for organic revenue growth for the full year.

Net income in the second quarter declined to $14.86 million or $0.29 per share from $48.1 million or $0.94 per share in the same quarter a year ago on higher expenses. . Excluding one-time items, earnings were $0.60 per share, that missed the average estimate of eight analysts polled by Thomson Reuters at $0.61 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter, however, increased to $239.9 million from $209.49 million last year. The consensus estimate was for $241.4 million.

Looking forward to the full-year, the company has revised its organic revenue growth outlook to 7% - 10% from 8% - 12% provided earlier.

Haemonetics sees its full-year adjusted EPS in the range of $2.40 - $2.65 compared with prior outlook of $2.60 - $3.00. Analysts expect earnings of $2.76 per share for the period.