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Steris books 22.7% YOY increase in fiscal Q1 profit

Steris PLC's adjusted net income for the first quarter of fiscal year 2020 came to $1.23 per share, compared with the S&P Global Market Intelligence consensus normalized EPS estimate of $1.11 per share.

The Dublin-based healthcare equipment manufacturer's EPS rose 23% year over year from $1. Adjusted net income in the quarter totaled $105 million, a 22.7% jump from $85.6 million in the prior-year period.

Net income climbed 20.9% on an annual basis to $84.6 million, or 99 cents per share, from $70 million, or 82 cents per share. The company booked a 9.1% yearly increase in its quarterly revenue to $696.8 million compared to $638.8 million.

Steris raised its adjusted EPS guidance for fiscal 2020 to between $5.38 and $5.53 from the previous forecast of $5.28 to $5.43, with an anticipated 6% to 7% constant-currency organic revenue growth, compared with the previous expectation of between 5% and 6% growth.

The S&P Global Market Intelligence consensus normalized EPS estimate for fiscal 2020 is $5.40.

Meanwhile, Steris expects currency movements to negatively impact its revenue by approximately $10 million in fiscal 2020. Additionally, the company's board increased the quarterly interim dividend from 34 cents to 37 cents per share, payable Sept. 26 to shareholders of record as of Sept. 10.

The board also approved an increase in the company's share repurchase authorization of an additional $300 million.