Zimmer Holdings Inc. on Thursday 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 over 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 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 include inventory charges, manufacturing-related expenses and legal claims.
An additional $70 million in expenses is related to Zimmer’s pending acquisition of competitor Biomet Inc., also in Warsaw.
David Dvorak, Zimmer’s president and CEO, said in a statement that the deal is expected to close before March 31.
Building activitydrops in Allen County
Allen County had 76 residential construction permits in June, a 2.5 percent decrease from 78 requests issued in June 2013, according to the Home Builders Association of Fort Wayne.
The average home construction cost last month was $228,741, compared with $261,934 in June 2013.
Year-to-date, 339 permits have been requested, a 17.3 percent decline from the 410 sought during the first six months of 2013.
1st Source Corp. posts4% gain in quarter
1st Source Corp. on Thursday reported second-quarter earnings of $14.5 million, or 59 cents per diluted common share, a 4 percent increase from the $13.9 million, or 56 cents a share, posted for the same three months of 2013.
The South Bend bank holding company increased loans and leases to $3.7 billion as of June 30, a $230 million increase compared with the end of last year’s second quarter.
1st Source opened a branch and installed five ATMs at the University of Notre Dame during the quarter.
First Financial reportsquarterly earnings up
First Financial Bancorp on Thursday reported second-quarter earnings of $16.0 million, or 28 cents per diluted share, a 1 percent increase from the $15.8 million, or 27 cents a share, reported for last year’s second quarter.
The Cincinnati parent of First Financial Bank said it didn’t exercise its ability to buy back shares during the quarter because of pending merger agreements. First Financial doesn’t expect to buy back stock in the third quarter, either.
Credit quality has improved, First Financial said. The bank has experienced a 40 percent decline in the amount of loans that aren’t being paid off on a steady basis, compared with the quarter ended June 30, 2013.
Ford profit beatsanalyst expectations
Ford Motor Co. beat Wall Street’s expectations in the second quarter as it chalked up a record profit in North America and made money in Europe for the first time in three years.
Ford, which earned $3.9 billion before taxes in the first half of this year, confirmed it expects full-year earnings of $7 billion to $8 billion. That’s down from $8.6 billion in 2013.
For the April-June period, Ford’s net income rose 6 percent to $1.3 billion. Profit of 32 cents a share was up from the year-ago 30 cents a share.