Owens & Minor Q4 Profit Decreases; Commences Search For Successor CEO

(RTTNews) - Owens & Minor Inc. (OMI) reported fourth-quarter net income of $13.99 million or $0.22 per share, compared to $27.94 million or $0.44 per share, prior year. Adjusted earnings per share was $0.49, for the quarter.

On average, eight analysts polled by Thomson Reuters expected the company to report profit per share of $0.50 for the quarter. Analysts' estimates typically exclude special items.

Revenue increased to $2.49 billion from $2.32 billion last year. Analysts expected revenue of $2.45 billion for the quarter.

For 2015, the company expects adjusted net income per share of $1.90 to $1.95. Analysts expect the company to report fiscal 2015 earnings per share of $1.95.

The company announced that its board has approved the payment of the first quarter 2015 cash dividend in the amount of $0.2525 per share, which includes an increase of 1.0% over the prior quarter's dividend. The cash dividend is payable on March 31, 2015, to shareholders of record as of March 16, 2015.

Owens & Minor also announced that its board is initiating a search to identify a successor to President & Chief Executive Officer James Bierman. During the board's regular succession planning process, Bierman, informed the board of his own horizon for retirement and asked that a search for his successor be initiated. Bierman will continue to serve in his current role until his successor is named.