CEO: Symmetry Medical encouraged by industry environment

Symmetry Medical Inc. (NYSE:SMA) CEO Brian Moore said the orthopedic maker is “encouraged” by the industry environment and his firm’s momentum. Moore made the comments during a Tuesday morning conference call with analysts and investors.

The Warsaw, Ind.-based company said in a Tuesday morning release that it expects fiscal 2008 revenue of between $395 million to $405 million, up from a previous range of $350 million to $360 million. The new revenue range is greater than Wall Street analysts’ projection of $359.2 million.

Symmetry also said it expects fiscal 2008 earnings to range from $0.75 to $0.77 a share. Wall Street only expects $0.72 per share. The earnings guidance factor in $3 million in professional fees related to an accounting investigation, CFO Fred Hite said.

Symmetry said reasons for the raised outlook include current market conditions and order flow, foreign currency rates, anticipated customer demand and improved operations at its Sheffield, U.K.-based facility. The firm expects to incur a loss at the Sheffield plant during the second and third quarters, but turn to a profit during the fourth quarter.

Hite said Symmetry anticipates ending fiscal 2008 with gross margins of about 27%. He said the gross margin improvement will be powered by the improved operations at its Sheffield site and improved profitability at its other facilities.

Symmetry reported early Tuesday that its first-quarter revenue rose 57% to $101.9 million, from $64.7 million a year earlier. The results topped Wall Street’s . . .

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