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Dentsply Sirona Increases Dividend by 10% as Dental Demand Rebounds

Dentsply Sirona Inc. (XRAY) is the world’s largest manufacturer of professional dental products and technologies. Since introducing the first dental electric drill over 130 years ago, the company has pioneered everything from ultrasonic scaling to file and apex locator technology to make root canals easier and safer.

The company generated 58% of its revenue from Technologies & Equipment and 42% of its revenue from consumables during the first quarter of 2021, although consumables were more profitable than technologies and quipment. In geographic terms, the company generated 34% of sales from the U.S., 40% from Europe and 26% from the rest of the world.

Strong Rebound in Dental Demand

Dentsply Sirona reported first quarter revenue that rose 17.8% to $1.03 billion, beating consensus estimates by $82.43 million, with non-GAAP earnings of $0.72 per share, beating consensus estimates by 16 cents.

Despite COVID-19 headwinds, Baird analyst Jeffrey Johnson believes that the strong rebound in dental demand and management’s repositioning efforts could deliver double-digit earnings growth moving forward. Piper Sandler analyst Jason Bednar also noted that the company could benefit disproportionately given its recent and upcoming product launches.

The company raised its quarterly dividend by 10% to $0.11 per share, which represents a 0.67% forward yield. The dividend is payable on July 9, 2021, to shareholders on record as of June 25, 2021.

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