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Sigma-Aldrich Sales Rise 14.9 Percent; Raises 2008 EPS Forecast

NEW YORK (GenomeWeb News) – Sigma-Aldrich last night reported a 14.9 percent increase in first-quarter sales, helped by a 7.6 percent benefit from currency translation, and a 12.8 percent gain in profits year over year.
 
The St. Louis-based chemicals and life science research products firm brought in revenues of $569.6 million for the three-month period ended March 31, compared to revenues of $495.9 million for the comparable period a year ago. The firm’s organic growth rate for the quarter was 6.5 percent, excluding the currency effects and acquisition of Epichem in February 2007.
 
Sales growth for its Research Specialties business was 13.9 percent, rising to $213.3 million, while sales for the Research Essentials business climbed 10.8 percent to $110.1 million. Sales for the Research Biotech business increased 16.7 percent to $88.7 million, and sales for the SAFC business jumped 18.2 percent to $157.5 million.
 
Sigma-Aldrich posted net income of $84.5 million, or $.64 per share, compared with net income of $74.9 million, or $.56 per share, in the first quarter of 2007.
 
The firm’s R&D expenses increased 12.8 percent to $15.9 million from $14.1 million, while its SG&A costs rose 16.4 percent to $147.7 million from $126.9 million.
 
Sigma-Aldrich finished the quarter with $226.4 million in cash and cash equivalents.
 
The firm is targeting 2008 organic sales growth of 7 percent, with currency effects expected to add an additional 6 percent of growth. It also raised its 2008 earnings per share guidance by $.05 to a range of between $2.57 and $2.67.

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