Dentsply Sirona stock tumbles after CEO terminated, downbeat earnings outlook

Shares of Dentsply Sirona Inc. tumbled 10.3% toward an 18-month low in premarket trading Tuesday, after the dental products maker said it “terminated” Chief Executive Donald Casey, and warned of a first-quarter earnings shortfall. The company did not provide a reason for Casey’s termination, only that it was “effective immediately,” and that he would cease to serve on the company’s board. Casey became CEO on Feb. 12, 2018. The company named board member John Groetelaars as interim CEO, and said it has retained an executive search firm to find a permanent CEO. The company also named Barbara Bodem as interim chief financial officer, effective upon the previously announced departure of current CFO Jorge Gomez on May 6. Separately, the company said it expects net earnings per share of 26 cents to 30 cents, down from 53 cents a year ago. Adjusted EPS is expected to be 48 cents to 52 cents, below the FactSet consensus of 67 cents, while sales are expected to be approximately $965 million, below expectations of $1.02 billion. The stock has dropped 12.7% year to date through Monday, while the S&P 500 has lost 7.9%.

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