ELYRIA, Ohio--(BUSINESS WIRE)--Invacare Corporation (NYSE: IVC) today announced its financial results for the quarter and the nine months ended September 30, 2011.
CEO SUMMARY
Commenting on Invacare's third quarter 2011 results, Gerald B. Blouch, President and Chief Executive Officer, stated, ''Invacare delivered a 5% increase in adjusted earnings per share(a) over the third quarter of last year to $0.59. In addition to improved adjusted earnings, the Company demonstrated strong management of accounts receivable during the third quarter, generating free cash flow(c) of $25 million. While net sales increased by 4.4% compared to last year’s third quarter, slowing market conditions impacted organic net sales, which declined 0.8% versus the third quarter of last year. Moreover, the Company continued to experience downward pressure on its gross margin primarily related to unfavorable sales mix toward lower margin customers and products.''
