Owens & Minor Q2 Profit Declines; Cuts FY14 Adj. EPS Outlook - Quick Facts

(RTTNews) - Owens & Minor Inc. (OMI) reported that its second-quarter net income was $19.9 million or $0.32 per share, compared to $28.9 million or $0.46 per share in the comparable quarter last year.

Adjusted net income for the latest second quarter was $25.0 million or $0.40 per share, down from $29.3 million or $0.46 per share in the year-ago period. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $0.46 for the quarter. Analysts' estimates typically exclude special items.

Net revenue increased 3.1% to $2.31 billion from $2.24 billion. Analysts expected revenue of $2.27 billion for the quarter.

For fiscal 2014, the company lowered its adjusted earnings to a range of $1.80 to $1.90 per share from its prior range of $1.95 to $2.05 per share. Analysts currently expect earnings of $1.97 per share.

The company now expects revenue growth to exceed 2%.

Separately, Owens & Minor said it has appointed its President & Chief Operating Officer James Bierman as President & Chief Executive Officer or CEO and also as a director of the company, effective September 1, 2014. Craig Smith, currently Chairman & Chief Executive Officer, will continue to serve the company in the role of Executive Chairman.