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Sirona Dental fiscal 3Q profit more than doubles

Fri, 08/05/2011 - 7:45am
The Associated Press

LONG ISLAND CITY, N.Y. (AP) — Sirona Dental Systems Inc. said Friday its fiscal third-quarter earnings more than doubled, as the company saw strong sales growth in Germany and the Asia-Pacific and Middle East markets.

The Long Island City, N.Y., company earned $36.3 million, or 63 cents per share, in the three months that ended June 30. That's up from earnings of $16.6 million, or 29 cents per share, in the same quarter last year, when losses on foreign currency transactions and derivative investments affected performance.

Adjusted earnings in this year's quarter, which exclude some amortization and depreciation expenses and other one-time items, were 78 cents per share.

Revenue grew 34 percent, or 24 percent on a constant-currency basis, to $244.7 million.

Analysts surveyed by FactSet expected, on average, earnings of 72 cents per share on $217.8 million in revenue. Analysts typically exclude one-time items from their estimates.

Sirona said U.S. revenue rose 12 percent, while sales outside the United States increased 46 percent, or 30 percent on a constant-currency basis. Chairman and CEO Jost Fischer said in a statement from the company the business benefited in part from "robust" order levels at the International Dental Show.

The company also said its cost of sales climbed 34 percent to $117.8 million, and selling, general and administrative costs rose 25 percent to $68.5 million.

Sirona Dental shares rose 2.3 percent, or $1.08, to $47.52 at the start of trading, as broader indexes also climbed about a percent.

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