NEW YORK (GenomeWeb News) – Bruker today reported that its third-quarter revenues increased 7 percent year over year, easily beating consensus Wall Street estimates on the top and bottom line.
The Billerica, Mass.-based scientific instruments maker reported total revenues of $447.8 million for the three months ended Sept. 30, compared to $418.4 million. Analysts, on average, had forecasted $421.4 million in sales.
Excluding the effects of acquisitions and foreign currency translation, Bruker's Q3 revenues were up 14 percent year over year.
The Bruker Scientific Instruments business segment reported sales of $408.9 million for the quarter, up nearly 4 percent from $394.6 million. Its Bruker Energy & Supercon Technologies segment had sales of $42.4 million, a 53 percent jump from $27.7 million for Q3 2011.
"Despite continued softening of demand in certain markets, we are pleased with our double-digit third quarter 2012 organic revenue growth rate, which in part benefitted from our still very significant backlog," Bruker President and CEO Frank Laukien said in a statement.
"We do see weaker European demand," Laukien added on a conference call this morning. "Earlier in Q3 we stated this was no longer a Mediterranean symptom but really affected all of Europe. The United States research market until we sort out our fiscal cliff over here I think is going to be very constrained and conservative in spending."
He added that growth in China is slowing down, and overall in Asia there is slower growth and slower demand. "European research and academic investment except for the Mediterranean countries is actually still OK," said Laukien.
Bruker posted net income of $39.7 million, or $.24 per share, compared to $19.8 million, or $.12 per share, for Q3 2011. On an adjusted basis, its net income was $47.1 million, or $.28 per share, versus $34.4 million, or $.21 per share. The consensus Wall Street estimate was $.15 per share.
The firm's R&D spending in the quarter increased 3 percent to $44.9 million from $43.5 million. Its SG&A expenses increased just a shade under 1 percent to $102.9 million from $102.1 million.
Bruker finished the quarter with $242.1 million in cash and cash equivalents.
As a result of the third-quarter performance, Bruker raised its full-year 2012 revenue guidance to a range of $1.73 billion to $1.76 billion from an earlier range of $1.70 billion to $1.75 billion. It also raised its full-year adjusted EPS guidance to $.75 - $.79 per share from an earlier range of $.65 to $.70.