Smith & Nephew 4Q Beats Forecasts, Upgrades Dividend 10%
February 10 2011 - 2:56AM
Dow Jones News
U.K. medical device maker Smith & Nephew PLC (SN.LN)
Thursday reported a 42% rise in fourth-quarter net profit, and its
adjusted earnings beat forecasts, aided by strong sales of its knee
replacement products and further margin gains.
The company, which has been the subject of renewed takeover
speculation in recent months, said it expects its orthopedic
reconstruction business to grow at the same rate as the overall
market in 2011 and its wound care unit to outpace its market growth
rate.
Smith & Nephew said it is looking at an increasing number of
investment opportunities, but didn't elaborate.
Smith & Nephew reported a net profit of $182 million for the
final quarter of 2010, compared with $128 million a year earlier.
Revenue was flat at $1.07 billion.
Earnings per share, excluding some items, rose to 21.6 cents
from 20.3 cents, well ahead of analysts' average expectations of
18.9 cents, according to data compiled by the company.
It increased its dividend by 10% to 9.82 cents a share.
Speculation that Smith & Nephew was being stalked by a U.S.
rival reached fever pitch at the beginning of 2011, pushing its
share price to record highs, with Johnson & Johnson (JNJ) and
Biomet Inc. named as likely suitors. Smith & Nephew said Jan.
14 it wasn't in any offer talks.
-By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272;
jason.douglas@dowjones.com
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