Zimmer Hldgs beats by $0.03, misses on revs; lowers FY14 EPS to reflect share count following acquisition of Biomet; reaffirms FY14 revs
Reports Q1 (Mar) earnings of $1.50 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $1.47; revenues rose 2.0% year/year to $1.16 bln vs the $1.18 bln consensus.
Co issues guidance for FY14, lowers EPS to $6.00-6.20 from $6.10-6.30, to give effect to a change in the anticipated number of diluted weighted average shares outstanding for 2014, not comparable to $6.21 Capital IQ Consensus; reaffirms FY14 revs +2.5-4.5% (+3-5% constant FX) to ~$4.74-4.83 bln vs. $4.8 bln Capital IQ Consensus Estimate.
Zimmer also announced that it has entered into a definitive agreement to acquire Biomet in a cash and stock transaction valued at ~$13.35 bln, including the assumption of net debt. See 7:09 comment.
Co issues guidance for FY14, lowers EPS to $6.00-6.20 from $6.10-6.30, to give effect to a change in the anticipated number of diluted weighted average shares outstanding for 2014, not comparable to $6.21 Capital IQ Consensus; reaffirms FY14 revs +2.5-4.5% (+3-5% constant FX) to ~$4.74-4.83 bln vs. $4.8 bln Capital IQ Consensus Estimate.
Zimmer also announced that it has entered into a definitive agreement to acquire Biomet in a cash and stock transaction valued at ~$13.35 bln, including the assumption of net debt. See 7:09 comment.