Stock Monitor: Patterson Cos. Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 26, 2018 / Active-Investors.com has just released a free earnings report on Owens & Minor, Inc. (NYSE: OMI). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=OMI. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on February 14, 2018. The medical supply distributor's revenues grew on a y-o-y basis. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Owens & Minor most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the fourth quarter of the fiscal year 2017, Owens & Minor's consolidated revenues grew 1% to $2.39 billion compared to $2.37 billion in Q4 2016. The Company's revenue numbers beat analysts' estimates of $2.33 billion.
During Q4 2017, Owens & Minor reported a consolidated operating loss of $8.8 million compared to operating earnings of $49.0 million in Q4 2016. The Company's adjusted consolidated operating earnings were $42.2 million in the reported quarter compared to $56.2 million in the prior year's same quarter. Owens & Minor's performance in Q4 2017 was affected by increased prices and margin compression, longer than expected sales cycles for the Company's fee-for-service businesses, and more recently, product supply issues with certain larger manufacturers.
For Q4 2017, Owens & Minor's net income was $23.0 million, or $0.38 per diluted share, compared to $27.1 million, or $0.45 per diluted share, in Q4 2016. The Company's adjusted net income was $21.0 million, or $0.35 per diluted share, in the reported quarter versus $33.4 million, or $0.55 per share, in the year ago comparable period. Owens & Minor's Q4 2017 adjusted net earnings excluded a benefit of $0.58 per share, associated with the recently-enacted tax reform legislation. The Company's earnings beat Wall Street's estimates of $0.34 per share.
Owens & Minor recorded consolidated revenues of $9.32 billion in the full fiscal year ended December 31, 2017, down 4% compared to $9.72 billion in FY16.
For FY17, Owens & Minor's net income was $72.8 million, or $1.20 per share, versus $109 million, or $1.76 per share, in FY16. The Company's non-GAAP earnings were $97.5 million, or $1.61 per share, in FY17 compared to $134 million, or $2.17 per share, in FY16. The Company's adjusted earnings results for FY17 excluded a benefit of $0.58 per share, associated with the recently-enacted tax reform legislation.
During Q4 2017, Owens & Minor's Domestic segment's revenues were $2.28 billion, up 2% compared to $2.24 billion in Q4 2016. The segment's quarterly operating earnings were $31.2 million in the reported quarter compared to $39.3 million in the prior year's corresponding quarter. Price and margin compression in the market negatively affected the segment's revenue and gross margin results. Additionally, the segment incurred higher than expected healthcare costs and LIFO expenses.
For Q4 2017, Owens & Minor's International segment's revenues were $104 million in Q4 2017, reflecting a growth of 4% compared to $87.8 million in Q4 2016. For the reported quarter, the segment recorded an operating loss of $3.1 million compared to operating earnings of $2.2 million in the prior year's same quarter. The segment experienced a less favorable revenue mix, increased costs to onboard new customers, and a lag in implementing cost reduction activities.
Owens & Minor's Proprietary Products segment's quarterly revenues were $111 million in Q4 2017 compared to $131 million in Q4 2016. The segment's quarterly operating earnings were $6.9 million in Q4 2017 versus $11.9 million in the prior year's comparable quarter. The operating earnings decline in the segment resulted from lower revenues from sourced products, as well as inventory write-offs.
At December 31, 2017, Owens & Minor's balance of cash and cash equivalents was $105 million compared to $185 million at December 31, 2016. For FY17, the Company reported an operating cash flow of $56.8 million compared to $188 million in FY16. The decline in cash flow was attributed to changes in working capital. As of the year end 2017, Owens & Minor's asset management metrics included consolidated days sales outstanding (DSO) of 28.7 compared to 23.1 in 2016; while consolidated inventory turns were 8.5 FY17 compared to 9.2 for FY16. These metrics for FY17 were impacted by changes in business mix, along with changes in contractual terms with certain customers and suppliers.
Stock Performance Snapshot
March 16, 2018 - At Friday's closing bell, Owens & Minor's stock declined 2.14%, ending the trading session at $15.09.
Volume traded for the day: 827.82 thousand shares.
After last Friday's close, Owens & Minor's market cap was at $948.56 million.
Price to Earnings (P/E) ratio was at 24.34.
The stock has a dividend yield of 6.89%.
The stock is part of the Services sector, categorized under the Medical Equipment Wholesale industry.
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