Shares of Newport Beach-based Sybron Dental Specialties Inc. slumped Tuesday after the company reported financial results for its most recent quarter and gave its outlook for 2006.
The dental products maker said late Monday that its profits for the quarter beat Wall Street estimates, driven by new devices and sales efforts. But investors drove its shares down 9.5% in trading Tuesday to $40.65.
Sybron posted a profit of $21.6 million in the quarter ended Oct. 31, up 33.5% from a year ago. Analysts expected Sybron to post a profit of $20.2 million for the quarter.
Revenue was $170.4 million for the quarter, up 17% compared to the previous quarter.
Chief Executive Floyd Pickrell Jr. said Sybron planned to put additional focus on controlling expenses in the next fiscal year.
Sybron expects revenue of $685 million to $705 million in 2006, versus $650 million this year. Profit is expected to be $74 million to $81 million during the next 12 months.
Barrington Research downgraded shares of Sybron to “market perform” from “outperform” following the earnings release.
