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STERIS plc (STE+0.13%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a revenue increase of 7.3% to $1,328.9 million for the three months ended September 30, 2024, compared to $1,238.2 million in the same period the previous year. This increase is attributed to higher volume and pricing.
Gross profit for the quarter was $578.8 million, up from $546.2 million in the prior year. The gross profit percentage decreased slightly to 43.6% from 44.1%, reflecting higher labor and overhead costs.
Operating expenses for the quarter were $359.1 million, a 1.3% increase from $354.7 million in the previous year. This was primarily due to increased compensation costs.
Net income for the quarter was $151.2 million, compared to $116.3 million in the previous year. Income from continuing operations before income tax expense was $194.9 million, up from $155.9 million.
Cash provided by operating activities was $554.5 million for the first six months of fiscal 2025, compared to $427.2 million in the previous year. Free cash flow was $344.5 million, up from $284.7 million.
STERIS completed the sale of its Dental segment for $787.5 million, which was structured as an equity sale and closed on May 31, 2024. The proceeds were primarily used to pay off existing debt.
The company reported a restructuring plan aimed at enhancing profitability and efficiency, with expected annual improvements in income from operations of approximately $25 million.
STERIS's debt-to-total capital ratio was 25.3% at September 30, 2024, down from 33.7% at March 31, 2024.
The filing also details various financial activities, including a new $1,100,000 revolving credit facility and the repurchase of 446,661 ordinary shares for $100 million under the share repurchase program.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the STERIS plc (Ireland) quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.