WARSAW, Ind. (AP) -- Orthopedic device maker Zimmer Holdings saw net income grow 4 percent in the first quarter as it trimmed expenses.
Sales took a hit due to the dollar's strength and the company cut its expectations for revenue going forward.
Zimmer said its sales were hurt because the dollar gained strength compared to other currencies.
Net income rose to $218.6 million, or $1.28 per share, from $209.6 million, or $1.17 per share. Excluding one-time items Zimmer said its income totaled $1.41 per share. Revenue held steady at $1.14 billion. Zimmer said its sales would have grown about 1 percent if foreign currency exchange rates had held steady.
The company beat out Wall Street's per-share projections by a penny, and shares of Zimmer Holdings Inc. rose $1.29 to $75.82 in afternoon trading.
Revenue from sales of knee implants fell 1 percent to $471 million and revenue from hip products sank 4 percent to $331 million. Sales of trauma products and surgical and other items improved.
For the full year Zimmer still expects to report adjusted net income of $5.65 to $5.85 per share. It now expects revenue will grow 1 percent to 3 percent instead of 2 percent to 4 percent. That implies a total of $4.52 billion to $4.61 billion, down from $4.56 billion to $4.65 billion.
Analysts are forecasting net income of $5.75 per share and $4.59 billion in revenue on average.
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