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Dentsply Sirona Q1 Results Top Estimates; But Cuts 2018 Outlook

Dentsply Sirona Inc (XRAY) reported that its net income attributable to the company for the first quarter of 2018 rose to $81.2 million or $0.35 per share, from $59.8 million or $0.26 per share in the first quarter of 2017.

"Despite a solid performance in many businesses and regions, overall results for the quarter were disappointing due headwinds in the U.S. Technologies & Equipment business," said Donald M. Casey, Jr., Chief Executive Officer of Dentsply Sirona.

"Our revised guidance reflects our expectations of continued headwinds in that important business and more importantly the steps we are taking to return the company to growth. Our priority for the remainder of 2018 is to invest in comprehensive strategies designed to help accelerate demand in this market," said Donald Case.

On an adjusted basis, excluding certain items, non-GAAP net earnings per share were $0.45 compared to $0.49 in the first quarter of 2017. Analysts polled by Thomson Reuters expected the company to report earnings of $0.42 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales were $956.1 million up 6.2% from $900.5 million last year. Wall Street expected revenues of $940.8 million for the quarter. Sales growth was negative 1.1% on a constant currency basis.

For 2018, the company now expects adjusted earnings per share to be in the range of $2.55 to $2.65 per share. Analysts expect annual earnings of $2.70 per share. 2018 guidance assumes about 2% constant currency revenue growth for the year. Previously, the company expected adjusted earnings per share for 2018 in the range of $2.70 to $2.80 per share. The 2018 guidance assumed about 3% constant currency revenue growth for the year.

On April 25th, 2018, Dentsply Sirona's Board of Directors authorized an increase of $500 million of common stock to its share repurchase program, reflecting the company's strong balance sheet and free cash flow generation. This authorization is in addition to the $500 million previously authorized by the Board of Directors on February 14, 2018, bringing the total share repurchase authorization up to $1 billion of common stock.

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