The Clear Reason Owens & Minor, Inc. Tumbled as Much as 19%

The Clear Reason Owens & Minor, Inc. Tumbled as Much as 19%

Shares of Owens & Minor (NYSE: OMI), a global healthcare services company that focuses on supply chain management, plunged as much as 19% on Wednesday after the company released its third-quarter earnings results. As you can probably surmise by the substantive move lower, the company fell short of Wall Street's expectations.

For the quarter, Owens & Minor reported $2.33 billion in consolidated sales, which was a decline of $90 million from the year-ago quarter and $70 million below what Wall Street had forecast. On a broad scale, the company blamed the previously disclosed transition of a significant customer last year, along with slower growth from existing customers, for its weak revenue figure. 

Image source: Getty Images.

Continue reading

Source: Fool.com