Haemonetics Cuts Guidance on CSL Plasma Deal

Date : 05/14/2019 @ 2:20PM
Source : Dow Jones News
Stock : CSL Limited (CSL)
Quote : 214.29  -1.73 (-0.80%) @ 4:42AM
CSL share price Chart

Haemonetics Cuts Guidance on CSL Plasma Deal

Haemonetics (NYSE:HAE)
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By Michael Dabaie

 

Haemonetics Corp. (HAE) cut its fiscal 2020 revenue and per-share earnings forecast to reflect the pending transfer of ownership of its Union, S.C., manufacturing facility.

Haemonetics, which provides hematology products, said Tuesday it would transfer ownership of the manufacturing facility, operating assets and some inventories to CSL Plasma Inc. CSL, part of CSL Ltd. (CSL.AU), will pay Haemonetics about $10 million and release the company from a 2014 supply agreement with CSL. The deal is expected to close during the first quarter of fiscal 2020.

Haemonetics cut its 2020 reported revenue guidance to growth of 3% to 5%, from a forecast of 5% to 7% made earlier this month.

The company now sees EPS of $1.25 to $1.45, below pervious guidance of $1.90 to $2.10.

Haemonetics backed its full year adjusted EPS guidance of $2.80 to $3.00.

Haemonetics said in a Securities and Exchange Commission filing that it will recognize an impairment charge of about $49 million in the first quarter of fiscal 2020, primarily related to the carrying balances of the property, plant and equipment.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

May 14, 2019 09:05 ET (13:05 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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