RTTNews | Nov 4, 2021 07:32AM EDT

07:31 Thursday, November 4, 2021 (RTTNews.com) - Zimmer Biomet Holdings, Inc. (ZBH) on Thursday reported lower earnings for the third quarter compared with last year, despite slight increase in revenue. Earnings beat the Street estimates. The company also lowered its full-year adjusted EPS outlook.

Net earnings in the third quarter were $145.6 million or $0.69 per share, lower than $242.5 million or $1.16 per share in the same quarter a year ago.

Excluding items, earnings were $381.2 million or $1.81 per share, that beat the average estimate of twenty six analysts polled by Thomson Reuters at $1.76 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter was $1.924 billion, compared with $1.929 billion reported last year. The consensus estimate was for $1.94 billion.

Looking forward to the full year, the company has lowered its adjusted EPS outlook to the range of $7.32 - $7.47 from $7.65 - $7.95 provided earlier. The company also reduced its revenue growth outlook to the range of 11.3% - 12.5% from 14.5% - 16.5%.

Analysts expect the company to report earnings of $7.7 per share on revenue growth of 14.6%.

Read the original article on RTTNews ( https://www.rttnews.com/3239503/zimmer-biomet-q3-profit-drops-but-beats-street-cuts-annual-outlook.aspx)

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