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Mar 31, 2024
Owens & Minor Q1 2024 Earnings Report
Owens & Minor reported mixed results for Q1 2024, with revenue growth offset by a GAAP EPS loss, while adjusted EPS saw significant growth.
Key Takeaways
Owens & Minor reported a 4% increase in consolidated revenue to $2.6 billion for Q1 2024. GAAP operating margin was flat, but adjusted operating margin expanded by 31 basis points. The company experienced a net loss per share of $(0.29), but adjusted earnings per share reached $0.19.
Consolidated revenue increased by 4% year-over-year, reaching $2.6 billion.
GAAP operating margin remained flat, while adjusted operating margin expanded by 31 basis points.
Net loss per share was $(0.29), while adjusted earnings per share was $0.19.
The company is making investments aligned with its strategic plan previewed at the Investor Day in December 2023.
Owens & Minor
Owens & Minor
Forward Guidance
The Company’s most recent financial guidance; summarized below: Revenue for 2024 to be in a range of $10.5 billion to $10.9 billion Adjusted EBITDA for 2024 to be in a range of $550 million to $590 million Adjusted EPS for 2024 to be in a range of $1.40 to $1.70
Positive Outlook
- Gross margin rate of 21.0% to 21.5%
- Adjusted effective tax rate of 27.5% to 28.5%
- Diluted weighted average shares of ~78.5 million
- Stable commodity prices
- FX rates as of 12/31/2023
Challenges Ahead
- Revenue for 2024 to be in a range of $10.5 billion to $10.9 billion
- Adjusted EBITDA for 2024 to be in a range of $550 million to $590 million
- Adjusted EPS for 2024 to be in a range of $1.40 to $1.70
- Interest expense of $141 to $146 million
- Capital expenditures of $220 to $240 million