YORK, Pa. (AP) -- Dentsply International Inc. said Thursday its net income rose 35 percent in the first quarter, but the dental products company lowered its estimates for the full year.
Revenue edged higher compared to last year, but slow growth in the dental market, with unfavorable foreign-currency exchange rates hurting its results. The company cut its full-year income guidance by 5 cents per share.
Shares of Dentsply lost $1.89, or 4.3 percent, to $42.31 in midday trading.
Net income rose to $71.7 million, or 49 cents per share, up from $53.3 million, or 37 cents per share a year ago. Excluding one-time costs, it earned 52 cents per share. Revenue grew 2 percent, to $732.1 million.
Analysts expected 56 cents per share and $732 million in revenue, according to FactSet.
In mid-2011 the company bought Astra Tech, a former unit of AstraZeneca PLC that makes dental implants and urology products. Costs related to the $1.79 billion deal weighed on Dentsply's first-quarter results in 2012.
The company now sees net income of $2.33 to $2.43 per share in 2013, down from its previous estimate of $2.38 to $2.48 per share. Analysts expected $2.43 per share on average.
- Company Earnings