STERIS Q4 Net Profit Slides, Adj. Results Up - Quick Facts

(RTTNews) - STERIS Corp.'s (STE) fourth-quarter net income dropped to $38.9 million, or $0.65 per share, from $41.4 million, or $0.70 per share, last year. Operating income for the quarter was $59.6 million, a decline compared with $65.1 million in the fourth quarter of fiscal 2013.

As reported, fiscal 2014 fourth quarter revenue climbed to $465.3 million, from $428.2 million last year.

The company said the reported financial results for these periods reflect the $20.5 million restructuring charge in the fourth quarter of fiscal 2014, the SYSTEM 1 Rebate Program in fiscal 2013, as well as acquisition related expenses, amortization of intangibles and certain other items in both periods.

On an adjusted basis, fiscal 2014 fourth quarter revenue rose 9% to $465.3 million, from $426.2 million a year ago, driven by double digit growth in Healthcare and high single digit growth in Isomedix. Seven analysts estimated revenues of $456.19 million for the period.

Three-month adjusted net income totaled $54.2 million, or $0.91 per share, an increase compared with the previous year's $41.5 million, or $0.70 per share, reflecting the increase in volume and operating expense leverage. On average, 9 analysts polled by Thomson Reuters expected earnings per share of $0.86 for the quarter. Analysts' estimates typically exclude one-time items.

Based on the current trends, the firm sees revenue growth of 15-17% in fiscal 2015, and adjusted earnings per share to be in the range of $2.78 - $2.91 for the full fiscal year. Analysts project annual earnings of $2.76 per share.