Haemonetics Turns To Profit In Q3; Backs 2019 Profit View

(RTTNews) - Haemonetics Corp.(HAE) reported third quarter fiscal 2019 net income of $18.3 million or $0.35 per share, compared with net loss of $6.5 million or $0.12 loss per share in the prior year's third quarter.

Third quarter fiscal 2019 adjusted net income was $33.4 million, down $0.2 million or 0.6%, and adjusted earnings per share was $0.63, up 1.6% compared with $0.62 in the third quarter of fiscal 2018.

In the third quarter of fiscal 2019, there was an unfavorable $0.02 impact on adjusted earnings due to increased interest expense and unfavorable currency partially offset by lower tax rate and lower share count. In the third quarter of fiscal 2018, the Company noted favorable adjusted earnings per share impacts attributed to a lower tax rate and favorable currency, partly offset by dilution due to increased share count.

Third quarter fiscal 2019 revenue of $247.4 million was up 5.7% compared with the same period of fiscal 2018.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.59 per share and revenues of $250.13 million. Analysts' estimates typically exclude special items.

On a constant currency basis, revenue for the third quarter of fiscal 2019 was up 5.9% compared with the third quarter of fiscal 2018.

For fiscal 2019, the company still expects adjusted earnings per share in a range of $2.25 - $2.35. Analysts expect annual earnings of $2.33 per share.