RTTNews | May 5, 2021 07:50AM EDT

07:50 Wednesday, May 5, 2021 (RTTNews.com) - Shares of Healthcare logistics company Owens & Minor, Inc. (OMI) are rising more than 5% in pre market after reporting better-than-expected earnings in the first quarter. The company also raised its full-year earnings outlook.

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.

OMI closed at $35.05, down 5.07%, on Tuesday. The stock is currently at $37.

Read the original article on RTTNews ( https://www.rttnews.com/3191847/stock-alert-owens-minor-up-in-pre-market-on-q1-results-improved-guidance.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved