Greatbatch Q2 Results Top Estimates; Boosts FY13 Earnings Outlook

(RTTNews) - Greatbatch, Inc. (GB) reported net income for the second quarter of $9.8 million or $0.39 per share, compared to $3.9 million or $0.16 per share for the year-ago quarter.

Excluding items, adjusted earnings for the second quarter were $0.56 per share, compared to $0.43 per share in the prior year quarter.

Second quarter sales increased 3% to a record $171.33 million from $166.55 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.46 per share on revenue of $166.51 million for the second quarter. Analysts' estimates typically exclude special items.

Based upon results for the first half of the year, as well as expectations for the remainder of 2013, the company raised its 2013 adjusted earnings guidance to a range of $2.05 to $2.15 per share from its prior guidance of $2.00 to $2.05 per share.

For the year, the company continues to believe that revenue will be at the lower end of its original sales guidance of $660 million to $680 million provided at the beginning of the year.

Analysts currently expect the company to earn $1.98 per share on revenue of $661.02 million for the full year 2013.