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Smith & Nephew profit picks up in second quarter
August 1, 2014 / 6:16 AM / 3 years ago

Smith & Nephew profit picks up in second quarter

LONDON, Aug 1 (Reuters) - Smith & Nephew, Europe’s largest maker of artificial joints, reported a 10 percent rise in second-quarter trading profit on Friday as its business regained some momentum after a weak start to the year.

Chief Executive Olivier Bohuon, who has eschewed a wave of mergers sweeping the medical technology sector, said he remained confident in the group’s 2014 outlook, although S&N’s wound management unit was expected to grow below the market rate.

S&N posted a quarterly trading profit of $255 million on revenue of $1.15 billion, up 7 percent on a year earlier.

A company-supplied survey of analysts had forecast trading profit of $250 million on revenue of $1.14 billion. Adjusted earnings per share of 20.4 cents, up from 18.0 cents a year, also came in above an expected 19.4 cents. (Reporting by Ben Hirschler; editing by James Davey)

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