Steris Plc Q4 Profit Down, But Revenue Rises 39%

(RTTNews) - Medical equipment company Steris Plc (STE) reported lower profit in the fourth quarter, impacted by amortization of acquired intangibles and one-time acquisition expenses. Revenues rose 39 percent. The company also guided fiscal 2023 adjusted earnings per share above the Street view.

In the fourth quarter, the company posted net income of $52.3 million or $0.52 per share, lower than $87.4 million or $1.02 per share in the same period last year. The fourth quarter 2022 results were negatively impacted by amortization of acquired intangibles and inventory and property "step up" and one-time expenses associated with acquisitions totaling approximately $198.3 million.

Excluding items, income was $205.4 million or $2.04 per share, compared with the previous year's fourth quarter of $140.3 million or $1.63 per share. On average, 5 analysts polled by Thomson Reuters expected the company to post earnings of $2.02 per share in the fourth quarter.

Revenues rose 39 percent to $1.2 billion from $873.5 million a year ago, while analysts were looking for revenues of $1.19 billion in the quarter.

Looking ahead, in full year 2023, reported revenue is expected to increase around 12 percent, reflecting the net impact of acquisitions and divestitures as well as the anticipated negative impact of foreign currency fluctuations.

Adjusted earnings per share for the year ahead are anticipated to be in the range of $8.55 to $8.75, while 6 analysts polled by Thomson Reuters expect the company to post earnings of $8.19 per share in fiscal 2023.