The 2020 Mid-Year Economic Update_long

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.

About the Author
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

By subscribing, you are agreeing to MDM’s Privacy Policy.

0

articles left

This is your last free article

Subscribe to MDM Premium today and get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.