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Zimmer's quarterly earnings up 16%

Zimmer Holdings Inc. today reported second-quarter earnings of $176.5 million, or $1.03 per diluted common share, on net sales of $1.18 billion. That's a 16 percent increase from the $152.1 million, or 89 cents a share, on sales of $1.17 billion posted for the same three months of 2013.

The Warsaw-based orthopedic devices manufacturer also lowered its estimate for full-year reported earnings to $4.65 to $4.75 from $4.90 to $5.10.

The company cited $250 million in special items that includes inventory charges, manufacturing-related expenses and legal claims. An additional $70 million in expenses is related to Zimmer's pending acquisition of Warsaw-based competitor Biomet Inc.

David Dvorak, Zimmer's president and CEO, said in a statement that the deal is still expected to close before March 31.