In Monday trading, shares of Dentsply Sirona Inc. (XRAY, Financial) fell after reporting first-quarter earnings per share of 45 cents on revenue of $956.1 million, up 6% year over year. The company managed to beat earnings estimates by three cents and revenue expectations by $15.3 million.
"Despite a solid performance in many businesses and regions, overall results for the quarter were disappointing due headwinds in the U.S. Technologies & Equipment business," CEO Donald M. Casey Jr. said.
Moreover, the board of directors authorized a $500 million increase in the share repurchase program to a total current authorization of $1 billion.
Looking ahead, the company expects adjusted earnings per share for 2018 in the range of $2.55 to 2.65 per diluted share.
Lockheed Martin (LMT, Financial) traded higher after winning an $828 million contract with the U.S. Army to produce Guided Multiple Launch Rocket System rockets and associated equipment.
"The GMLRS round continues to perform exceptionally well for our customers," Gaylia Campbell, vice president of Precision Fires and Combat Maneuver Systems at Lockheed Martin, said. "And we are always executing continuous improvement initiatives to enhance performance, range and affordability of these critical rounds to assure they remain the preferred precision-strike option for our warfighters."
On the other hand, shares of Tyson Foods (TSN) plummeted on Monday afternoon after reporting earnings per share of $1.27 for the second quarter, which fell 5 cents short of estimates. Revenue of $9.77 billion grew 7.6% from the prior-year quarter, but fell short of expectations by $130 million.
The company now expects earnings per share for fiscal 2018 between $6.55 and $6.70, which represents an approximate 23% to 26% increase from fiscal 2017.
Disclosure: The author holds no positions in any stocks mentioned.
