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Zimmer Holdings, Inc. Reports Third Quarter 2011 Financial Results
Date:10/27/2011

WARSAW, Ind., Oct. 27, 2011 /PRNewswire/ -- Zimmer Holdings, Inc. (NYSE and SIX: ZMH) today reported financial results for the quarter ended September 30, 2011.  The Company reported third quarter net sales of $1,031 million, an increase of 6.9% reported and 2.4% constant currency over the third quarter of 2010.  Diluted earnings per share for the quarter were $1.01 reported and $1.04 adjusted, an increase of 8.3% adjusted over the prior year period.

"Zimmer delivered against our financial commitments in the third quarter with consistent results in both revenues and earnings," said David Dvorak, Zimmer President and CEO.  "Progress in the commercialization of new products supported a strong performance in many international markets.  Through this progress and ongoing financial discipline, we continue to deliver value to stockholders."  

Net earnings for the third quarter were $191.5 million on a reported basis and $197.2 million on an adjusted basis, an increase of 2.4% adjusted over the prior year period.  Operating cash flow for the third quarter was $350.6 million.  

During the quarter, the Company utilized $549 million of cash, supported by $375 million of borrowings, to acquire 10.1 million shares.  At the end of the third quarter, $299 million of share repurchase authorization remained available under the current program, which expires on December 31, 2013.

Guidance  The Company updated its full-year revenue and adjusted earnings per share guidance for 2011.  Full-year revenues for 2011 are now expected to increase between 2.3% and 2.7% on a constant currency basis from 2010.  The Company estimates that foreign currency translation will increase revenues by approximately 2.5% for the full year 2011, resulting in reported revenue growth between 4.8% and 5.2%.  This compares with prior revenue guidance of 2.5% to 3.5% constant currency and 5.5% to 6.5% reported g
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SOURCE Zimmer Holdings, Inc.
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