Invacare 4Q profit falls on debt costs
Invacare Corp., which makes wheelchairs, crutches and motorized scooters, said Thursday its fourth-quarter profit plunged on debt costs.
But the company's forecast for adjusted earnings for 2011 topped Wall Street estimates.
The company said its net income dropped to $7.2 million, or 22 cents per share, in the last three months of 2010 from $17.6 million, or 55 cents per share, a year prior. Revenue rose slightly to $451.5 million from $448.6 million.
Excluding mainly charges for early debt extinguishment, the company said it earned 65 cents per share. Analysts polled by FactSet expected profit of 63 cents per share on $451 million in revenue.
For the full year, the company reported net income of $25.3 million, or 78 cents per share, down from $41.2 million, or $1.29 per share, in 2009. Revenue rose to $1.72 billion from $1.69 billion.
Looking ahead, the company expects adjusted profit between $2.05 and $2.15 per share in 2011. Analysts expect profit of $1.98 per share.