Zimmer Holdings Q3 Adj. EPS Beats Street; Updates FY14 Targets - Quick Facts

(RTTNews) - Zimmer Holdings, Inc. (ZMH), a manufacturer of orthopedic reconstructive, spinal and trauma devices, Thursday said its third-quarter net earnings grew to $165.5 million, or $0.96 a share, from $154.4 million, or $0.90 a share, in the prior-year quarter. On an adjusted basis, the firm reported net earnings of $232.6 million, or $1.35 a share for the recent period. On average, 26 analysts polled by Thomson Reuters expected earnings of $1.30 per share for the quarter. Analysts' estimates typically exclude special items.

The company clocked net sales of $1.11 billion for the quarter, versus the previous year's $1.07 billion, while 25 analysts expected revenues of $1.10 billion for the quarter.

Looking ahead, the company updated its full-year revenue and earnings guidance for 2014. Full-year revenues are now expected to grow nearly 2.25% on a constant currency basis from 2013. Previously, annual revenues were estimated to increase 2.0% to 3.0% constant currency. The company now sees foreign currency translation to decrease revenues by about 0.75% for the full year, resulting in reported revenue growth of around 1.50%.

Zimmer now projects full-year 2014 earnings per share to be approximately $4.65 on a reported basis and approximately $6.05 on an adjusted basis. Prior guidance for full-year 2014 reported and adjusted earnings per share was $4.65 to $4.75 and $6.00 to $6.10, respectively.