ResMed climbs as 2Q report surpasses estimates

ResMed trades higher as fiscal 2nd-quarter net income, revenue surpass Wall Street estimates

Associated Press

NEW YORK (AP) -- Respiratory product maker ResMed Inc. posted strong fiscal second-quarter results Thursday, and its shares advanced in after-hours trading.

ResMed said its net income rose 24 percent over the three months ended Dec. 31, and it said sales in the Americas were particularly strong. The company said customers are shifting to newer products like its S9 sleep apnea devices.

The San Diego company said its net income increased to $77.9 million, or 53 cents per share, from $62.9 million, or 42 cents per share, a year ago. Revenue rose 13 percent, to $376.5 million from $332.7 million.

According to FactSet, analysts expected ResMed to report a profit of 52 cents per share on $364.8 million in revenue for the quarter.

Shares of ResMed gained 34 cents to $45.47 during regular trading and advanced $2.03, or 4.5 percent, to $47.50 in late trading. The stock has been trading at all-time highs since August and has gained 65 percent over the last 12 months.

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