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Sept. 24, 2020, 12:26 p.m. EDT

Owens & Minor's stock soars to pace NYSE gainers after boosting profit outlook, again

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By Tomi Kilgore

Shares of Owens & Minor Inc. /zigman2/quotes/204317691/composite OMI +0.96% shot up 57.4% on heavy volume in midday trading Thursday, enough to pace all of the NYSE's gainers, after the maker of medical surgical products raised its full-year profit outlook for the second time in two months, citing better-than-expected manufacturing output. Trading volume swelled to 11.7 million shares, compared with the full-day average of about 1.1 million shares. The stock was on track for the highest close since January 2018, and the biggest one-day gain since it rocketed 81.4% on July 27, when it more than doubled its 2020 earnings outlook. The company said earlier Thursday that it now expects 2020 adjusted earnings per share of $1.75 to $1.90, up from previous guidance of $1.00 to $1.20. Besides better-than-expected manufacturing output, the company said deployment of personal protective equipment (PPE) was ahead of schedule, elective procedure volume was slightly above previously expected levels and demand for PPE continued to be strong. The stock has rocketed more than fourfold (up 319.9%) year to date, while the SPDR Health Care Select Services ETF /zigman2/quotes/205918244/composite XLV -0.26% has slipped 0.3% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.32% has tacked on 0.9%.

/zigman2/quotes/204317691/composite
US : U.S.: NYSE
$ 25.19
+0.24 +0.96%
Volume: 287,132
Oct. 30, 2020 12:34p
P/E Ratio
N/A
Dividend Yield
0.04%
Market Cap
$1.83 billion
Rev. per Employee
$1.47M
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/zigman2/quotes/205918244/composite
US : U.S.: NYSE Arca
$ 101.43
-0.26 -0.26%
Volume: 5.17M
Oct. 30, 2020 12:34p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,266.52
-43.59 -1.32%
Volume: 1.20B
Oct. 30, 2020 12:34p
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