Owen & Minor Inc. (NYSE: OMI) has announced that its leadership team will outline its long-term financial targets and future growth strategy at a virtual meeting. The company has provided long-term targets of $12 billion in revenue and over $650 million in adjusted EBITDA and adjusted earnings per share of $6 through 2026.
Owen & Minor targeting EPS of $6 by 2026
Edward A. Pesicka, the company’s CEO and President said that he is proud of the team’s exceptional performance since he joined the company. He said that the performance has enabled the company to offer guidance for 2022 that is almost six times higher than 2019’s adjusted earnings, which puts Owens & Minor in a strong position. Most importantly, the company’s disciplined investing approach has driven considerable change positioning the company for long-term success and permitting a target of $6 earnings per share by 2026. For FY2022, the company expects adjusted earnings per share to be between $3 and $3.5 and adjusted EBITDA to range between $400 and $450.
Owen & Minor reports Q1 2021 results
Recently the company released its Q1 2021 financial results in which revenue was up $10%. The revenue increase was due to cost pass-through gloves and PEE increases in demand alongside a strong performance of the Byram Patient Direct unit, partially offset by few elective procedures. During the quarter, the company entered a newly amended 3-year $450 million securitization facility and a five-year $300 million revolving credit facility. Also, the company issued $500 million senior unsecured notes due 2029 and used proceeds to retire shorter-dated and higher-cost debt.
For FY2021, the company expects earnings to range between $3.75 and $4.25 and EBITDA to be range from $400 million to $500 million. Pesicka said that the increase in guidance comes from solid Q1 performance and a favorable outlook on elective procedures.