Invacare’s 4th-quarter profit rises 6 percent on boost in medical equipment, supply sales

Invacare 4Q profit rises 6 percent on sales

ELYRIA, Ohio — Invacare Corp., which makes wheelchairs, crutches and motorized scooters, said Thursday its fourth-quarter profit rose 6 percent on higher medical equipment and supply sales.

The company earned $17.6 million, or 55 cents per share, up from $16.6 million, or 52 cents per share, a year prior. Revenue rose 4 percent to $448.6 million from $430.4 million.

Excluding charges, the company said it earned 63 cents per share. Analysts polled by Thomson Reuters expected profit of 57 cents per share on $424.6 million in revenue.

For the full year, the company earned $41.2 million, or $1.29 per share, up from $34.9 million, or $1.09 per share, in 2008. Revenue fell to $1.69 billion from $1.76 billion.

Looking ahead, the company expects adjusted profit between $1.70 and $1.80 in 2010. Analysts expect profit of $1.70 per share.

Invacare also said it plans to use free cash flow of $65 million to $75 million this year to retire debt and pursue acquisitions.

Shares of Invacare rose $1.53, or 6.2 percent, to $26.25 in morning trading. The stock has traded between $14.23 and $26.95 over the last 52 weeks.