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Sigma-Aldrich's Q3 Sales Increase 7 Percent, Profit Rises 14 Percent

NEW YORK (GenomeWeb News) – Sigma-Aldrich yesterday reported a 7.4 percent increase in third-quarter sales accompanied by a 14-percent jump in profit for the quarter.
 
For the three months ended Sept. 30, 2008, the company’s sales climbed to $540.6 million from $503.2 million in the comparable period of 2007. Currency effects contributed 3.1 percent, and organic growth was 4.3 percent.
 
Sales for Sigma’s Research Specialties unit grew nearly 12 percent, to $206.3 million from $184.6 million; Research Essentials sales increased 8.6 percent to $103.8 million from $95.6 million; Research Biotech sales rose 9.7 percent to $80 million from $72.9 million; Research Chemicals climbed 14.7 percent to $390.1 million from $353.1 million; and sales for the SAFC unit were flat at $150.5 million compared to $150.1 million in the year-ago period.
 
Sigma-Aldrich president and CEO Jai Nagarkatti said in a statement that the company’s organic growth has been at “roughly twice the market rate in recent years, but we firmly believe that opportunities exist for further improvement.”
 
He said that the firm plans to focus its attention “in areas where significant performance improvements can contribute to enhanced growth in sales and profits through activities such as improved pricing strategies, new and market-leading web capabilities and technology acquisitions.”
 
Nagarkatti said that this plan, as well as other initiatives, should help the company meet its long-term goal of achieving 10 percent annual sales growth, although Sigma said that overall organic sales growth for full-year 2008 is expected to be around 6 percent, with an additional 3 percent to 4 percent contribution from currency effects.
 
Sigma’s third-quarter R&D spending increased 10 percent, to $16.5 million from $15 million in the year-ago period; while SG&A spending rose 5 percent to $135.2 million from $128.3 million in the third quarter of 2007.
 
The company’s net income increased by 14 percent, to $81.9 million, or $.64 per share, to $71.6 million, or $.54 per share, in the comparable period of 2007.
 
As of Sept. 30, Sigma held $220.6 million in cash and cash equivalents.

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