Nobel Biocare Posts Rise In Q2 Profit, Lifts Profitability Outlook
Nobel Biocare Holding AG (OTC: NBHGY) reported a 99% rise in its second-quarter profit and lifted its profit margin outlook for the full year.
Nobel Biocare's quarterly net profit surged to EUR15.9 million ($21.1 million), versus a year-ago profit of EUR8 million. The year-ago results included a one-off restructuring charge.
Its revenue declined 2.4% to EUR144.3 million, but gained 2.2% at constant exchange rates. Analysts expected revenue of 148 million euros.
Its EBIT margin widened to 17.0% from 14.6% in the first three months of the year.
In the first six months, the company's operating expenses shrank to EUR 172.3 million from EUR 184.6 million.
For the full year, Nobel Biocare now expects improvement in EBIT margin of 150 to 200 basis points, versus its earlier forecast of 100 basis points.. It also projects revenue growth of 3% to 4%.
Richard Laube, CEO said, “Our strategy of turning Nobel Biocare around through leading innovation, value-added customer support, training and education, and increasing operational efficiency is unquestionably working and we believe more progress is yet to come.”
Nobel Biocare shares fell 0.98% to close at $9.14 yesterday.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.