Greatbatch Profit Tops Estimate

(RTTNews) - Medical devices maker Greatbatch Inc (GB) Wednesday reported first-quarter net earnings of $14.9 million or $0.58 per share compared with $5.7 million or $0.23 per share last year.

Excluding items, adjusted earnings for the quarter were $13.8 million or $0.54 per share compared with $10.7 million or $0.44 per share a year ago.

Revenues for the quarter were $174.3 million compared with $148.3 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.50 per share on revenues of $158.5 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2014, the company expects its performance to be at the upper end of its prior guidance, wherein it projected net earnings of $1.94 to $1.99 per share, adjusted earnings of $2.25 to $2.35 per share and revenues of $685 million to $705 million. Analysts expect earnings of $2.32 per share on revenues of $696.6 million.

Greatbatch makes critical medical device technologies, and batteries for high-end applications in the portable medical, energy, military, and environmental markets.