Haemonetics (HAE) Tops Q2 EPS by 11c; Updates on Restructuring
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Haemonetics (NYSE: HAE) reported Q2 EPS of $0.46, $0.11 better than the analyst estimate of $0.35. Revenue for the quarter came in at $220.25 million versus the consensus estimate of $210.72 million.
RESTRUCTURING AND TURNAROUND EXPENSES AND DEAL AMORTIZATION
The Company announced and has been implementing a turnaround plan to optimize growth and profitability. For fiscal 2017, that plan includes a repositioning of the Company’s organization and cost structure. The Company indicated that the plan includes, in fiscal 2017, charges and expenses that are expected to total $26 million pre-tax or $18 million net of tax benefit, representing approximately $0.35 per share impact on fiscal 2017 GAAP earnings. In the second quarter of fiscal 2017, the Company incurred $2 million of such expenses pre-tax, or approximately $0.02 per share. In the first half of fiscal 2017, the Company incurred $20 million of such expenses pre-tax, or $14 million net of tax benefit of such charges, approximately $0.27 per share.
The Company excludes acquisition related amortization expenses from adjusted operating income and adjusted earnings per share. Excluded from second quarter pre-tax adjusted earnings were $7.0 million in fiscal 2017 and $7.4 million in fiscal 2016, or $0.10 per share in each second quarter. Excluded from first half pre-tax adjusted earnings were $14.1 million in fiscal 2017 and $14.8 million in fiscal 2016, or $0.20 per share in each first half.
For earnings history and earnings-related data on Haemonetics (HAE) click here.
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