The net income that originally appeared in this article reported earnings for the 9-month period ended Sept. 30 and showed a 2-percent increase year over year. The story has been corrected to reflect profit for the three months ended Sept. 30, which reflect a 7-percent increase.
NEW YORK (GenomeWeb News) — Sigma-Aldrich today said that third-quarter revenue increased 7 percent as R&D spending grew and profit inched up 7 percent.
Total receipts for the three months ended Sept. 30 increased to $441.4 million from $412 million year over year.
“Benefits from the ongoing, global roll-out of new customer centric programs were partially offset by lower than expected improvements in underlying market conditions, particularly in Japan, and by slower than anticipated acceptance of several of our new and innovative Research Biotech products,” CEO Jai Nagarkatti said in a statement.
R&D spending rose slightly to $13.2 million.
Net income for the period increased to $68.4 million from $63.9 million last year.
Sigma said it had around $137 million in cash and equivalents.
Sigma said it expects full-year revenue from sales to increase 7 percent year over year, which will include a benefit from the acquisition in February of the JRH cell culture business. It expects organic sales growth to be around 6 percent.