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Currency Effects Trim Sigma-Aldrich Q2 Sales

NEW YORK (GenomeWeb) – Sigma-Aldrich today said that its second quarter sales declined a fraction of 1 percent year over year on the negative impact of foreign currency exchange. 

The company, which is in the midst of being acquired by Merck KGaA for $17 billion, said that for the three months ended June 30, total sales slid to $697 million, down from $701 million in the year-ago quarter. Organic sales were up 8 percent, but foreign currency exchange lowered sales by 9 percent, Sigma-Aldrich said, adding recent acquisitions increased sales by 1 percent. 

The Research business unit saw sales decline by 5 percent year over year to $340 million, while the Applied business unit saw a 3 percent increase in sales to $178 million, and the SAFC Commercial business unit increased sales by 4 percent to $179 million. 

Sigma-Aldrich saw its profit for Q2 2015 decline to $120 million, or $.98 per share, compared to a profit of $133 million, or $1.11 per share, a year ago. Adjusted EPS for the quarter was $1.01, which included a reduction of $.17 per share resulting from foreign currency exchange, and missed the analysts' average estimate of $1.11. 

The company recorded $19 million in R&D expenses for Q2 2015, up 19 percent year over year from $16 million. Its SG&A costs rose 4 percent to $164 million from $157 million. 

The firm finished the quarter with $1.05 billion in cash and cash equivalents. 

Sigma-Aldrich President and CEO Rakesh Sachdev said in a statement that the firm continues to work toward the completion of its sale to Merck by mid-year.

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