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Owens & Minor Sales Up 2.7% in 1Q

Profit increased 27.4 percent in the first quarter.

Owens & Minor Inc. (NYSE: OMI), Richmond, VA, reported sales for the first quarter of $2.5 billion, an increase of 2.7 percent year-over-year. Profit increased 27.4 percent to $24.1 million.

Domestic segment sales for the first quarter were $2.3 billion, an increase of 3.2 percent year-over-year, while international segment sales decreased 12.5 percent to $83.6 million.

The company released its earnings about two weeks after announcing that one of its customers, a health care provider, will not renew its distribution agreement this year. The unnamed customer generated $525 million in revenue for Owens & Minor in 2015.

"While we are disappointed in the recently announced decision by a large domestic customer not to renew its contract with us, we remain focused on attacking the complexity in large health systems and providing value for both our manufacturer and provider customers," said Cody Phipps, president and CEO.

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