STERIS Q1 Net Profit Up; Affirms FY14 Outlook - Quick Facts

(RTTNews) - STERIS Corp.'s (STE) first-quarter net income grew to $32.3 million, or $0.54 per share, from $30.4 million, or $0.52 per share in the first quarter of fiscal 2013. The recent quarter's earnings included a $9.2 million tax benefit associated with the company's prior European restructuring effort.

Quarterly adjusted earnings totaled $0.44 per share, compared with $0.53 per share in the first quarter of fiscal 2013. On average, 8 analysts polled by Thomson Reuters expected earnings per share of $0.56 for the quarter. Analysts' estimates typically exclude one-time items.

Fiscal 2014 first-quarter revenue increased 9% to $367.7 million, from $337.0 million a year before. Analysts estimated revenues of $372.69 million for the quarter.

Based on current trends, the firm confirmed its original fiscal 2014 outlook, including revenue growth in the range of 8-10% and adjusted earnings per share of $2.47 - $2.60 for the full fiscal year. Analysts project annual earnings of $2.55 per share.

In addition, Steris board has authorized a two cent increase in its quarterly dividend to $0.21 per share, representing the eighth consecutive year of double digit percentage increases in the dividend, payable September 25, 2013 to shareholders of record at the close of business on August 28, 2013.