Steris Corp. announced unaudited consolidated earnings results for the fourth quarter and full year ended March 31, 2013. For the quarter, the company announced revenues, net of $428,216,000 compared to $390,249,000 for the same period a year ago. Income from operations was $65,110,000 compared to $74,048,000 for the same period a year ago. Net income was $41,381,000 compared to $44,171,000 for the same period a year ago. Earnings per common share data, diluted was $0.70 compared to $0.76 for the same period a year ago. Adjusted net income per diluted share was $0.70 compared to $0.60 for the same period a year ago. Adjusted revenues were $426,249,000 compared to $374,943,000 for the same period a year ago. Adjusted operating income was $65,369,000 compared to $59,938,000 for the same period a year ago. Adjusted net income was $41,539,000 compared to $35,139,000 for the same period a year ago. Capital spending was $23.5 million in the quarter. For the full year, the company announced revenues, net of $1,501,902,000 compared to $1,406,810,000 for the same period a year ago. Income from operations was $242,829,000 compared to $222,316,000 for the same period a year ago. Net income was $159,977,000 compared to $136,115,000 for the same period a year ago. Earnings per common share data, diluted was $2.72 compared to $2.31 for the same period a year ago. Net cash provided by operating activities was $227,815,000 compared to $149,372,000 for the same period a year ago. Purchases of property, plant, equipment, and intangibles, net was $87,412,000 compared to $66,682,000 for the same period a year ago. Free cash flow was $140,437,000 compared to $82,732,000 for the same period a year ago. The increase in free cash flow was driven by improvements in working capital management and a tax benefit related to European restructuring. Adjusted net income per diluted share was $2.34 compared to $2.22 for the same period a year ago. Adjusted revenues were $1,479,535,000 compared to $1,391,504,000 for the same period a year ago. Adjusted operating income was $219,743,000 compared to $214,461,000 for the same period a year ago. Adjusted net income was $137,777,000 compared to $131,087,000 for the same period a year ago. The company provided earnings guidance for the fiscal year ending March 31, 2014. For the year, the company expects to report cash flows from operating activities of $235,000,000, purchases of property, plant, equipment, and intangibles, net of $90,000,000 and free cash flow of $145,000,000. Net income per diluted share expected to be between $2.27 and $2.40. Adjusted net income per diluted share expected to be between $2.47 and $2.60. Based upon current trends, the company expects revenue growth in the range of 8% to 10% in fiscal 2014. Adjusted EBIT as a % of revenue is anticipated to be approximately 15.5%. The adjusted effective tax rate is anticipated to be in the range of 34% to 35%. The company anticipates growing earnings somewhat between 6% and 11%. Excluding the medical device impact this year, the company’s earnings would increase double digits versus fiscal year 2013. The company announced that its board of directors has authorized a quarterly dividend of $0.19 per common share. The dividend is payable on June 25, 2013 to shareholders of record at the close of business on June 4, 2013.

Steris Corp., Q4 2013 Earnings Call, May 07, 2013

Steris Corp. announced that they will report Q4, 2013 results Pre-Market on May 07, 2013