Biomet Shares Recover on Above Average Earnings Report (BMET)

Jun.28.06 | About: Biomet Inc. (BMET)

Eddy Elfenbein submits: Biomet (Pending:BMET) reported earnings of 41 cents a share for their fourth quarter. Excluding a few charges, the company earned 46 cents a share which match Wall Street’s estimates. Sales rose 7.3% to $539.9 million, which was slightly above the Street’s forecast.

As the above linked MSN article reports,

Looking ahead, Biomet said it remains "comfortable" with analysts' sales and earnings estimates of $513 million to $530 million and 43 cents to 45 cents per share for the first quarter of fiscal 2007, and $2.15 billion to $2.22 billion and $1.85 to $1.95 per share for fiscal 2007.

The company's guidance does not incorporate stock-based compensation costs. On average, Wall Street is looking for first-quarter profit of 45 cents per share on sales of $524.2 million, and fiscal 2007 earnings of $1.69 per share on sales of $2.02 billion.

Biomet’s shares have been hit for the past two days but the stock is doing well today.

BMET 1-yr chart:

BMET 1-yr