Dentsply International Inc. said Wednesday its fourth-quarter net income slid 9 percent as the dental products maker took charges tied to restructuring and other costs.
The York, Pa., company earned $67.8 million, or 47 cents per share, in the three months that ended Dec. 31. That compares to net income of $74.8 million, or 50 cents per share, in the prior year quarter. Adjusted earnings were 51 cents per share. That excluded charges totaling 4 cents per share.
Revenue fell less than 1 percent to about $568.2 million from $568.4 million.
Analysts surveyed by FactSet expected, on average, earnings of 50 cents per share on $573.1 million in revenue. Analysts typically exclude one-time items from their estimates.
The company said sales were hurt by foreign exchange rates resulting from a stronger dollar. Selling, general and administrative expenses also rose 4 percent to $186.4 million.
For the full year, Dentsply earned $265.7 million, or $1.82 per share, on $2.22 billion in sales, against year-earlier net income of $274.3 million, or $1.83 a share, on revenue of $2.16 billion.
Chairman and CEO Bret Wise said in a statement that Dentsply officials were "cautiously optimistic" heading into 2011, as product launches and an improving dental market are expected to help sales and earnings growth. The company expects full-year earnings to range between $2 and $2.08 per share.
Analysts, on average, expect earnings of $2.06 per share.
The company's stock fell 54 cents to $36.30 in afternoon trading.