ResMed Q1 Profit Tops View, But Revenues Miss

(RTTNews) - ResMed Inc. (RMD, RMD.AX) reported that its first-quarter net loss was $78.48 million or $0.54 per share compared to net income of $163.14 million or $1.12 per share in the prior year. The loss was predominantly due to the additional income tax reserve of $254.8 million.

Non-GAAP net income grew by 1 percent to $190.4 million and non-GAAP earnings per share grew by 1 percent to $1.30. Analysts polled by Thomson Reuters expected the company to report earnings of $1.27 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenue for the quarter was $768.77 million down from $769.46 million in the prior year. Analysts expected revenue of $793.17 million for the quarter.

ResMed board declared a quarterly cash dividend of $0.39 per share. The dividend will have a record date of May 13, 2021, payable on June 17, 2021.