Sirona Dental fiscal 2Q net income rises 4 pct
Sirona Dental posts 4 pct increase in fiscal 2nd-qtr net income, beats predictions
NEW YORK (AP) -- Sirona Dental Systems Inc.'s fiscal second-quarter net income rose 4 percent, helped by strong demand for its imaging and computer-aided design and computer-aided manufacturing products.
For the quarter ended March 31, the New York-based dental equipment company earned $31.7 million, or 56 cents per share, up from $30.5 million, or 54 cents per share, a year earlier.
Excluding one-time charges, the company posted an adjusted profit of 75 cents per share for the recent quarter.
Revenue rose 15 percent to $267.3 million from $231.9 million.
The results beat Wall Street predictions. Analysts, on average, expected a profit of 72 cents per share on $255.7 million in revenue, according to FactSet.
Revenue at the company's CAD/CAM systems business increased 21 percent, while treatment centers revenue rose 18 percent, imaging systems revenue rose 12 percent and instruments revenue increased 3 percent.
Sirona raised the lower end of its full-year profit prediction by 3 cents, saying that it now expects earnings of $3.36 to $3.43 per share. Analysts expect a profit of $3.56 per share.
On a constant currency basis, the company said it now expects revenue growth of between 10 percent and 12 percent. It previously predicted growth of 9 percent to 11 percent.
The company also said Friday that its board approved a new stock buyback program, allowing the repurchase of an additional $100 million in stock until June 30, 2016. The amount is in addition to the $7.4 million remaining as of March 31 under the company's previous $100 million stock buyback announced in 2011.
