Infection prevention and control products provider Cantel Medical Corp. (CMN), Tuesday reported an increase in the second quarter profit, helped by higher sales.
Net income of Little Falls, New Jersey-based Cantel Medical rose 29% to $4.88 million or $0.29 per share from $3.77 million or $0.23 per share in the same quarter a year ago.
On average, three analysts polled by Thomson Reuters expected earnings of $0.26 per share for the quarter. Analysts' estimate typically excludes one-time items.
Net sales increased 6.7% to $66.59 million from $62.42 million in the prior-year quarter.
Sequentially, for the first quarter, Cantel Medical reported net income of $6.17 million or $0.37 per share, compared to $3.33 million or $0.20 per share last year. Net sales rose to $71 million from $64.41 million in the previous year
For the quarter under review, total operating expenses were $19.14 million, compared to $17.01 million in the year-earlier quarter.
Andrew Krakauer President and CEO said, "While all of our businesses performed well, operating income in our Healthcare Disposables, Endoscope Reprocessing and Water Purification and Filtration units was substantially ahead of last year, aided by strong sales of consumables, including disinfectants, sterilants and face masks."
For the six-month period, net income was up at $11.04 million or $0.65 per share, compared to $7.11 million or $0.43 per share in the prior-year period. Net sales jumped to $137.58 million from $126.83 million in the year-ago period.
CMN closed Monday's regular trading at $21.40, down $0.08, on a volume of 83,600 shares.
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