YORK, Pa. (AP) -- Dental products company Dentsply International Inc. said Wednesday its net income surged in the fourth quarter after it booked an income tax benefit worth almost $40 million.
The company's net income climbed to $126.8 million, or 88 cents per share, including the tax benefit of $39.6 million. A year earlier Dentsply earned $40.6 million, or 28 cents per share. Excluding restructuring, amortization and other one-time costs, Dentsply's income totaled 56 cents per share in the latest quarter.
Revenue edged up 2 percent to $753.3 million from $738 million.
Analysts expected income of 56 cents per share on $744.9 million in revenue, according to FactSet.
For 2012, Dentsply's net income rose 29 percent to $314.2 million, or $2.18 per share, from $244.5 million, or $1.70 per share. Its revenue increased 15 percent to $2.93 billion from $2.54 billion.
Looking ahead, the company expects income of $2.38 to $2.48 per share in 2013 excluding one-time items. Analysts expect $2.45 per share, on average.
Shares of Dentsply International lost 26 cents to $43.23 in morning trading.