Global healthcare solutions company Owens & Minor Inc (OMI:NYSE) today announced "preliminary financial results for the second quarter of 2020 that are expected to benefit from improved productivity and increased manufacturing output in response to unprecedented demand for personal protective equipment, an earlier than expected increase in elective procedures across much of the country, favorable product mix, and operating efficiencies."
Owens & Minor advised that for Q2/20 it now expects to report a GAAP net income (loss) per share from continuing operations in the range of ($0.02) to $0.00 and non-GAAP adjusted net income per share in the range of $0.18 to $0.20.
The firm also mentioned that it is revising its forward earnings outlook and that it now expects full-year 2020 adjusted net income of between $0.50 to $0.60 per share on a constant currency basis and adjusted net income of between $1.00 to $1.20 per share. The firm noted that it does not anticipate that foreign currency adjustments will have any material impact on FY/20 adjusted net income per share.
The company stated that it plans to release complete Q2/20 financial results after U.S. markets close for trading on Tuesday, August 4, 2020. The firm advised that later that same day it will host a conference call at 4:30 p.m. EDT to discuss the second quarter results in detail.
Owens & Minor is headquartered in Richmond, Va., and is a global healthcare solutions company. The company employs approximately 15,400 people and markets products and services in 70 around countries. The firm offers a broad spectrum of integrated technologies, products, services and logistical support to healthcare providers and manufacturers across the continuum of care.
Owens & Minor started off the day with a market capitalization of around $500.3 million with approximately 63.01 million shares outstanding and a short interest of about 21.4%. OMI shares opened greater than 29% higher today at $10.28 (+$2.34, +29.47%) over yesterday's $7.94 closing price and reached a new 52-week high price this morning of $15.40. The stock has traded today between $10.16 and $15.40 per share and is currently trading at $14.07 (+$6.13, +77.20%).[NLINSERT]
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