Zimmer Holdings Inc. (ZMH: Quote) reported that its first-quarter net earnings were $209.6 million or $1.17 per share, compared to $208.9 million or $1.08 per share in the same quarter last year.
Adjusted earnings per share increased to $1.30 from $1.19 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.30 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter rose to $1.14 billion from $1.12 billion in the prior year quarter. Twenty four analysts had consensus revenue estimate of $1.14 billion for the quarter.
The Company reaffirmed its constant currency revenue and adjusted EPS guidance for full year 2012. In addition, the Company updated its full-year reported revenue and EPS guidance for 2012. Full-year revenues for 2012 are expected to increase between 2% and 4% on a constant currency basis from 2011. The Company now estimates that foreign currency translation will decrease revenues by approximately 1.5% to 2.0% for the full year 2012, resulting in reported revenue growth between 0% and 2.5%. Previously, the Company had estimated foreign currency translation would decrease revenues by approximately 1%.
Full-year 2012 earnings per share are projected to be in a range of $4.70 to $4.90 on a reported basis and $5.20 to $5.40 on an adjusted basis. Prior guidance for full-year 2012 reported earnings per share was $4.75 to $4.95.
Analysts expect the company to report earnings of $5.27 per share on revenues of $4.54 billion for fiscal 2012.
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by RTT Staff Writer
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