Hanger Q2 Profit Decreases; Lowers 2014 Guidance

(RTTNews) - Hanger, Inc. (HGR) reported that its second-quarter net income decreased to $12.62 million or $0.35 per share, from $14.08 million or $0.40 per share, last year. Adjusted earnings per share was $0.40 for the second quarter of 2014.

On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.53 for the quarter. Analysts' estimates typically exclude special items.

Net sales increased to $275.85 million from $267.80 million, prior year. Analysts expected revenue of $285.51 million for the quarter. Hanger lowered its 2014 full-year adjusted EPS guidance to a range of between $1.60 and $1.70. The company revised its same center sales for the full year to a range of a decline of 1% to 2%. Hanger also lowered 2014 full-year net sales guidance to a range of between $1.05 and $1.08 billion. The company's previous full-year 2014 guidance issued on May 5, 2014 was to achieve revenues of $1.100 to $1.120 billion, and adjusted EPS of $2.01 and $2.11. Analysts expect the company to report 2014 profit per share of $2.03 on revenue of $1.10 billion.