Dentsply to withdraws 2011 earnings guidance
Dentsply International Inc. on Tuesday withdrew its 2011 earnings projections, citing uncertainty over how the destruction caused by the earthquake and tsunami in Japan will affect the dental products maker's business.
"While our global business has started the year strong and we remain on track to meet our targets for 2011, the negative impact of the situation in Japan is difficult to quantify at this early stage," Bret Wise, Dentsply's chairman and chief executive, said in a statement.
Last month, the company, based in York, Pa., said it anticipated 2011 earnings per share would range from $2 to $2.80. Analysts had forecast earnings of $2.05 per share, according to FactSet.
Shares ended regular trading down $1.55, or 4.2 percent, at $35.63.
Meanwhile, Dentsply noted that all of its associates based in Japan are safe and that its primary facilities in Tokyo and Nasu did not sustain serious damage.
The company, which has several key suppliers in Japan, also said it has been informed that the suppliers' employees appear to be safe and that their facilities also were not seriously damaged.
Dentsply said it's unclear when one of its suppliers will be able to resume providing the company with a product that comprised about 9 percent of Dentsply's consolidated net sales last year.
That's because the supplier is located in an evacuation zone.
Dentsply did not identify the company or the product.