Second-quarter profits for Dentsply International rose 8% despite flat sales during the period, as market conditions in Europe prompt the medical device company to lower the top end of its 3013 earnings guidance.
York, Pa.-based Dentsply posted profits of $87.2 million, or 60¢ per share, on sales of $761.0 million for the 3 months ended June 30. That represents bottom-line growth of 8.0% on a 0.3% sales decline.
"Dentsply achieved record adjusted earnings for the 2nd quarter, driven by an acceleration of internal growth in the U.S. and expansion of adjusted operating margins," chairman & CEO Bret Wise said in prepared remarks. "Although we are pleased with our 2nd-quarter performance, market conditions continue to be difficult in Europe and movement of currency exchange rates has created some further headwind in the 2nd half of the year. As a result, we are revising our expectations for adjusted earnings per share for 2013 to a range of $2.33 to $2.38."