NEW YORK (GenomeWeb) – Sigma-Aldrich today reported a 2 percent decrease year over year in its first quarter revenues, due to negative currency effects.
For the three months ended March 31, 2015, Sigma-Aldrich's total revenues decreased to $676 million from $689 million in the prior-year period, falling short of analysts' consensus estimate of $685.2 million.
The effect of foreign currency translation reduced Q1 revenues by 8 percent, the firm said in a statement. On an organic basis, its revenue growth was 5 percent for the quarter.
Sales for the firm's Research business dropped 7 percent year over year to $335 million from $359 million a year ago, while sales for its Applied business rose 2 percent to $175 million from $171 million, and SAFC Commercial revenues rose 4 percent year over year to $166 million from $159 million in Q1 2014. Sigma-Aldrich CEO Rakesh Sachdev added in a statement that the SAFC unit saw double-digit organic sales growth in the Life Sciences Services segment.
He also noted that the firm signed an exclusive global distribution agreement with Roche in March, and Sigma-Aldrich's acquisition by Merck KGaA remained on track to close in 2015.
The company posted a profit of $126 million, or $1.04 per share, compared to a profit of $126 million, or $1.05 per share, in Q1 2014, falling short of the consensus Wall Street estimate of $1.08.
Sigma-Aldrich's R&D spending rose 6 percent year over year to $17 million from $16 million, while SG&A spending rose 2 percent to $163 million from $160 million a year ago.
Sigma-Aldrich ended the quarter with $887 million in cash and cash equivalents.