Dentsply Sirona Announces Restructuring Plan - Quick Facts

(RTTNews) - Dentsply Sirona Inc. (XRAY) announced a restructuring plan that is anticipated to achieve $200-$225 million in net annual cost savings by 2021, through streamlining the organization and consolidating functions. The execution of the plan is anticipated to result in annualized topline growth of 3-4%, an adjusted operating income margin of 20% by the end of 2020, and an adjusted operating income margin of 22% by 2022. The plan anticipates a net reduction in global workforce of approximately 6-8%.

For the third-quarter, non-GAAP net earnings per diluted share were $0.38 compared to $0.70 in the third quarter of 2017. Reported net sales were $928.4 million declined 8.0% from the third quarter of 2017, and declined 6.5% on an internal basis.

As a result of weaker than expected performance in the third quarter of 2018, management now anticipates 2018 adjusted EPS at or slightly below the low end of the previously announced guidance range of $2.00 to $2.15 per diluted share. The 2018 guidance assumes a constant currency revenue decline of approximately 2% for the full year.