Haemonetics profit falls on restructuring charges

Health care products and services provider Haemonetics Corp. said today that its fiscal third-quarter profit fell 15 percent on hefty restructuring charges, but adjusted earnings and sales topped Wall Street expectations.

For the quarter ended Dec. 29, the company earned $14.4 million, or 54 cents per share, compared with $16.9 million, or 62 cents per share, a year ago. Adjusted earnings, excluding restructuring charges, totaled 57 cents per share in the latest period.

Revenue rose 19 percent to $134.6 million from $113.5 million, benefiting from international sales, which jumped 15 percent to $73.1 million.

The results beat estimates by analysts polled by Thomson Financial who expected profit of 53 cents per share on revenue of $124.6 million.

"I am also pleased to announce that our geographic growth was strong. In the quarter, Asia, a $32 million business, grew 21.2 percent and Europe, a $135 million business, grew 26.5 percent," said Chief Operating Officer Brian Concannon in a statement.

Shares rose $1.65, or 3 percent, to $56.90 in morning trading. (AP)