Owens & Minor Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Revises Earnings Guidance for the Year 2015
Jul 28 15
Owens & Minor Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net revenue of $2,422,167,000 compared to $2,305,858,000 a year ago. Operating earnings were $47,860,000 compared to $37,101,000 a year ago. Income before income taxes was $41,180,000 compared to $33,759,000 a year ago. Net income was $24,226,000 or $0.39 per basic and diluted share compared to $19,876,000 or $0.32 per basic and diluted share a year ago. Operating earnings, adjusted (non-GAAP) were $53,567,000 compared to $44,694,000 a year ago. Net income, adjusted (non-GAAP) was $29,095,000 or $0.46 per diluted share compared to $24,971,000 or $0.40 per diluted share a year ago. The quarterly revenue growth was driven primarily by strength in the Domestic segment.
For the six months period, the company reported net revenue of $4,813,363,000 compared to $4,562,239,000 a year ago. Operating earnings were $88,835,000 compared to $83,387,000 a year ago. Income before income taxes was $75,275,000 compared to $76,798,000 a year ago. Net income was $43,166,000 or $0.69 per basic and diluted share compared to $45,362,000 or $0.72 per basic and diluted share a year ago. Cash provided by operating activities was $246,790,000 compared to $73,472,000 a year ago. Additions to property and equipment were $12,009,000 compared to $25,657,000 a year ago. Additions to computer software and intangible assets were $10,816,000 compared to $13,166,000 a year ago. For the year-to-date period, adjusted net income (non-GAAP), which excludes after-tax charges of $3.6 million for acquisition-related and $9.9 million for exit and realignment activities, was $56.6 million, or $0.90 per diluted share. When comparing year-to-date results to the same period last year, 2014 results included the first-quarter recovery of $5.3 million, resulting from the settlement of a direct purchaser anti-trust class action lawsuit, which was included in other operating income. On an adjusted basis, consolidated operating earnings for the year-to-date period were $104.5 million, or 2.17% of revenues, an improvement of $10.2 million versus the first six months of 2014.
The company is expanding the range of its targeted adjusted net income per diluted share for the year 2015 to $1.85 to $1.95, from the previous $1.90 to $1.95 to incorporate the impact of foreign currency and an estimated $0.05 impact from the recruitment and transition of the company's new chief executive officer.
Owens & Minor Announces Third Quarter 2015 Cash Dividend, Payable on September 30, 2015
Jul 27 15
Owens & Minor Inc. announced that its board of directors has approved the payment of the third-quarter 2015 cash dividend in the amount of $0.2525 per share. The cash dividend is payable on September 30, 2015, to shareholders of record as of September 15, 2015.
Owens & Minor, Inc. Announces Executive Changes, Effective July 1, 2015
May 20 15
Owens & Minor Inc. announced that its board of directors has named P. Cody Phipps as President & Chief Executive Officer, effective July 1, 2015, at which time he will also join the company’s board of directors. Phipps most recently served as President & Chief Executive Officer of United Stationers Inc., where he was also a member of the board of directors. Current President & Chief Executive Officer James L. Bierman, 62, will retire as President & Chief Executive Officer and resign from the board, effective July 1, but will continue with the company in an advisory capacity through the end of 2015. Craig R. Smith, 63, will continue to serve as Chairman of the Board of Owens & Minor.