Zimmer Holdings, Inc. (NYSE:ZMH) disclosed their financial results for the third quarter 2013 which ended on the 30th September. Third quarter net sales were reported at around $1.07 billion, increase of 4.8%. The Diluted earnings per share for Q3 were $.90 which was adjusted $1.25 which is an increase of 8.7% over the same quarter last year.
Speaking on the occasion the company President and CEO, David Dvorak, said that the company had achieved accelerated top line growth in Q3 which he said was fueled by their new product offering and a more focused execution of global sales and teams. He also said that the company hopes to maintain momentum for the ongoing quarter and follow up to build greater stockholder value through their capital deployment, growth and excellence strategies.
The Net earnings for Q3 were at $154.4 million as reported and $215.6 million as adjusted, which was an increase of 6.7 percent adjusted as compared to figures from last year. The operating cash flow for the third quarter for the company was $292.7 million. The company has recorded pre-tax for special items at $46.4 million and $43.8 million for product cost related to initiatives of restructuring, operational excellence and quality. The adjusted figures in the report released by the company has excluded the charges incurred from these figures which also include $39.1 million based with a product rationalization program, $33 million related to initiatives of quality and operational excellence in manufacturing processes and a further $12 million connected to outstanding litigations that the company has.
During the latest quarter, the company was also on a repurchase program which will end on 31st December 2014, in this period the company used around $17.4 million cash to buy around 0.2 million shares. The authorized amount under the repurchase program stands at $536.4 million.
