NEW YORK (GenomeWeb News) – Bruker today reported a 29 percent jump in first-quarter revenues year over year.
For the three months ended March 31, the company reported $357 million in revenues, compared to $277.7 million, surpassing the consensus analyst estimate of $339.8 million. Excluding foreign currency effects, revenues for the quarter grew 26 percent year over year.
Revenue growth was paced by the company's Bruker Scientific Instruments Segment, which saw revenues climb to $335.8 million, a 29 percent improvement over $260.3 million from a year ago. Excluding foreign currency effects, revenue growth was 27 percent.
The Bruker Energy & Supercon Technologies Segment saw 16 percent revenue growth to $24 million from $20.7 million a year ago. Growth was 17 percent year over year excluding foreign currency effects. Bruker is in the process of spinning the segment out as its own publicly traded company.
In a statement, Bruker President and CEO Frank Laukien said that new order bookings increased 40 percent year over year, and the firm ended the first quarter with a new record in backlog.
"Overall, our end markets are healthy, and with our 2010 and recent new product introductions and strategic acquisitions, we have further diversified our end markets," he said.
Bruker ended the quarter with a profit of $11.3 million, or $.07 per share, down from $16.1 million, or $.10 per share, a year ago. On an adjusted basis, EPS was $.14, short of Wall expectations of $.15.
During the quarter, its R&D spending rose to $44.7 million from $32.8 million, a 36 percent hike. The firm's SG&A spending increased 35 percent to $88.7 million from $65.6 million a year ago.
Bruker ended the quarter with $196.3 million in cash, cash equivalents, and restricted cash.
Shares of Bruker were down 2 percent at $20.98 in early Thursday trade on the Nasdaq.