DENTSPLY (XRAY) Beats On Earnings In Q3, Misses Revenue
Zacks Investment Research | Nov 03, 2016 11:06PM ET
DENTSPLY SIRONA Inc. (NASDAQ:XRAY) reported adjusted earnings per share (EPS) of 66 cents in the third quarter of 2016, beating the Zacks Consensus Estimate by 3 cents. Earnings were flat on a year-over-year basis.
Notably, DENTSPLY repurchased an additional $100 million of shares and paid $18 million in dividends during the third quarter.
Quarter Details
Net sales increased to $954.2 million from $648.9 million in the year-ago period. However, the figure came below the Zacks Consensus Estimate of $960.0 million. Sales (excluding precious metals) of the combined businesses grew 49.2% at constant currency (cc) exchange rates. Net sales, excluding precious metal content, were positively impacted by approximately 40 basis points due to the weakening of the U.S. dollar over the prior-year period.
Sales (excluding precious metals) of the combined businesses grew 49.2% at constant currency (cc) exchange rates.
In the quarter, U.S. sales surged 33.9% to $334.2 million, while net sales in Europe increased 41.3% to $348.3 million. Sales (excluding precious metals) of the combined business fell 3.1% at cc in the U.S., while European sales rose 1.6%.
Net sales in Rest of World increased 92.6% to $256.7 million. Sales (excluding precious metals) in Rest of World of the combined businesses improved 3.8% at cc.
Segment Details
Post completion of the DENTSPLY-SIRONA merger, the business has been organized into two reporting segments: Dental & Healthcare Consumables and Technologies.
Dental & Healthcare Consumables comprises preventive, restorative, instruments, endodontic and laboratory dental products, as well as consumable medical device products. Sales increased 7% to $497.2 million. At cc, sales of the combined entity were flat year over year in the quarter.
Technologies consist of dental implants, CAD/CAM systems, imaging systems, treatment centers and orthodontic products. Net sales increased 168.5% to $442 million. At cc, sales of the combined business climbed 0.9% in the quarter. Internal sales growth of the combined business was 0.2%.
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