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Owens & Minor Sinks 34% After Q2 Miss And Segment Divestiture Plans
Owens & Minor (NYSE:OMI) shares tumbled 34% on Monday after posting second-quarter earnings below expectations and announcing plans to divest its Products & Healthcare Services segment.
Adjusted earnings from continuing operations were $0.26 per share, missing the $0.29 consensus. Revenue from continuing operations, mainly from the Patient Direct segment, rose 3.3% year-over-year to $681.9 million.
CEO Ed Pesicka said the company is in the final stages of selling the Products & Healthcare Services business and will operate as a focused Patient Direct company going forward.
Adjusted EBITDA from continuing operations increased to $96.6 million from $91.1 million a year earlier.
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