RTTNews | May 5, 2021 06:41AM EDT

06:40 Wednesday, May 5, 2021 (RTTNews.com) - Healthcare logistics company Owens & Minor, Inc. (OMI) reported better-than-expected first-quarter earnings today. It also has raised its full-year earnings outlook, that came in above the Street view.

First-quarter income from continuing operations was $69.6 million or $0.98 per share compared with loss from continuing operations of $8.9 million or $0.15 per share last year.

Excluding items, adjusted earnings were $111.5 million or $1.57 per share, that beat the average estimate of seven analysts surveyed by Thomson Reuters at $0.99 per share.

Revenue for the quarter increased to $2.327 billion from $2.123 billion in the same quarter a year ago. The consensus estimate stood at $2.37 billion.

The company said, the revenue growth was driven by increased demand for PPE, cost pass-through in gloves, along with strong performance in Byram Patient Direct business.

Looking forward to the full-year, Owens & Minor has raised its adjusted earnings outlook to the range of $3.75 per share to $4.25 per share from $3.00 per share to $3.50 per share. Analysts expect the company to report earnings of $3.31 per share for the period.

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