Owens & Minor (OMI, Financial) also fell during the quarter after a sharp rally in the share price during the first halfof 2021. As a manufacturer and distributor of personal protection equipment (PPE), the company’s financial results have recently benefited from demand related to the COVID-19 pandemic. During 2020, the company brought in a new leadership team charged with reducing leverage and creating a more proactive, customer-focused culture. While the company’s interim financial results and current year guidance are favorable, we are watching closely to determine how much of the performance stems from new management versus the short-term boost from the pandemic.
From Steven Scruggs (Trades, Portfolio)' FPA Queens Road Small Cap Value Fund third-quarter 2021 letter.
