Zimmer Holdings Inc. on Thursday reported 2011 annual earnings of $761 million, or $4.03 per diluted common share, a 27 percent increase over the $597 million, or $2.97 a share, posted for 2010.
Net sales increased by 5 percent to $4.45 billion for the year.
The Warsaw-based orthopedic devices maker also reported fourth-quarter earnings of $157 million, or 87 cents per diluted common share, more than a fourfold increase over the $35 million, or 18 cents a share, posted for the same three months of the prior year. The company’s sales increased a more modest 3 percent to almost $1.17 billion.
During the quarter, officials announced plans to award the company’s first quarterly dividend. The cash payment of 18 cents a share will be paid on or about April 27 to stockholders of record as of the close of business on March 30.
Zimmer, which was founded in 1927, marked its 10th year as a publicly traded company in 2011.
Zimmer was one of several companies reporting earnings on Thursday.
Tower’s earnings more than double
Tower Financial Corp. on Thursday reported record annual earnings of $6.6 million, or $1.36 per diluted share, for 2011. The results were more than double the $3.2 million, or 69 cents a share, posted for 2010.
The Fort Wayne-based parent of Tower Bank also reported record fourth-quarter earnings of $3.4 million, or 71 cents per diluted share, a four-fold increase over the $884,000, or 18 cents a share, reported for the same three months of the prior year.
Michael Cahill, Tower’s president and CEO, in a written statement, described the results as “a significant milestone” for the company. But, he added, that work isn’t complete.
“We still have significant opportunities to expand our impact in our local communities, improve our service levels and efficiencies, and acquire new customers,” Cahill wrote.
AT&T posts loss for 1st time in 3 years
AT&T Inc. is still the home of the iPhone. It activated 7.6 million of them in the latest quarter, accounting for one out of every five iPhones sold globally.
The Dallas-based company has also retained its position as the premier U.S. iPhone carrier, beating Verizon Wireless’ 4.3 million iPhone activations handily.
But the iPhone is more expensive than many other smartphones, and AT&T subsidizes each iPhone with hundreds of dollars to put it in customers’ hands for as little as $1.
That, together with massive charges for adjustments in the value of the company’s pension plans, the breakup of a deal to buy T-Mobile USA and a write-down of the value of its phone-directory business, forced AT&T to report a massive loss Thursday of $6.68 billion, or $1.12 per share, for the fourth quarter. It was the first quarterly loss for AT&T in three years. The loss compares with net income of $1.09 billion, or 18 cents per share, in the same period a year earlier.
The Associated Press contributed to this story.
