2Q17 Beats; Lowering Estimates on Distribution Headwinds and Increased Competition
- 2Q17 (June) adjusted EPS were 65 cents (vs 76 cents a year earlier), 4 cents higher than our estimate due to sales 3% higher than what we modeled;
- Our 2017 EPS estimate is now $2.65 (from $2.85), off 6% from a record $2.78 in 2016, impacted by distributor Patterson’s inventory destocking from Dentsply’s change in distribution strategy and higher competition in digital equipment;
- Our 2018 EPS estimate is now $3.02 (from $3.25) up 14% from our 2017 projection.
DENTSPLY SIRONA is a manufacturer of dental products and technologies. The company's Consumables segment is responsible for the design, manufacture, sales and distribution of the company's dental consumable products which include preventive, restorative, endodontic, and dental laboratory products. The company's Technologies and Equipment segment includes responsibility for the design, manufacture, sales and distribution of the company's dental technology and equipment products and healthcare consumable products, including dental implants, computer-aided design/computer-aided manufacturing systems, orthodontic clear aligner products, imaging systems, treatment centers, instruments, and consumable medical device products.
Great Lakes Review is located in Cleveland, Ohio, was founded in 1981 and became a division of Wellington Shields & Co. LLC in 2011. Great Lakes Review is a research boutique focused on the fundamentally-oriented investor seeking companies that dominate their respective specialty niche regardless of industry. The objective is to make money for the long-term by gradually accumulating a diversified portfolio from a universe of no more than 30 companies. Although short-term-oriented accounts will be alerted to trading opportunities, aggressive sell recommendations are triggered only by a deterioration in long-term fundamentals, not by short-term blips or investor fancy. Coverage of those names that lose their earnings momentum or earnings predictability may be dropped and replaced with more vital candidates.
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