Dentsply International Inc. (XRAY) reported third quarter earnings per share of 44 cents, in-line with the Zacks Consensus Estimate, but lower than the year-ago earnings of 46 cents.

Net sales in the reported quarter increased 0.2% year over year to $531.0 million. Excluding the precious metal content, net sales increased 1.1% year over year to $493.6 million. The marginal increase in net sales indicates that the global dental market is in the earlier stages of recovery. Not being a life-sustaining product, the dental market was badly affected by the economic downturn that resulted in patients deferring their adoption.

Excluding the precious metal content, gross margin in the reported quarter was 55.3%, declining 210 basis points (bps) year over year. Selling, general and administrative expenses, as a percentage of sales, declined 40 bps year over year to 33.7%. Lower operating expenses helped Dentsply increase its operating margin. Excluding the precious metal content, operating margin increased 220 bps year over year to 18.8%.

The company ended the quarter with cash, cash equivalents and short-term investments of $333.4 million, an increase of roughly 63% in the first nine months of the year. The company has an outstanding debt of approximately $154.8 million at the end of the reported quarter.

Dentsply expects earnings per share for full fiscal 2009 to range between $1.81 and $1.86. The company is the leading manufacturer and distributor of a wide range of products for the dental market.

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