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Sigma-Aldrich Posts 10 Percent Q1 Revenue Growth

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Sigma-Aldrich today reported that its first-quarter revenues increased 10 percent year over year, with particularly strong growth from its SAFC business unit.

The St. Louis-based chemicals and research products firm reported total sales of $623 million, up 10 percent from $569 million for the first quarter of 2010. On an organic basis, the firm's sales were up 7 percent year over year, and it beat analysts' consensus estimate of $602.9 million.

Sigma-Aldrich's SAFC business reported 18 percent year-over-year growth to $180 million from $152 million. Its Research Essentials business had 7 percent growth to $120 million from $112 million, while its Research Specialties business had 9 percent growth to $236 million from $217 million, and its Research Biotech business grew 6 percent to $96 million from $91 million.

Sigma-Aldrich's net income for the quarter was $119 million, or $.97 per share, compared to $100 million, or $.81 per share, for the first quarter of 2010. It easily beat analysts' estimate of $.90 per share.

Its R&D spending increased 13 percent to $18 million from $16 million, and its SG&A spending jumped 10 percent to $148 million from $134 million. The firm reported restructuring costs of $3 million versus $6 million in Q1 2010.

Sigma-Aldrich President and CEO Rakesh Sachdev noted in a statement that the firm's sales and diluted EPS were the best reported quarterly results in the firm's history.

The company finished the quarter with $623 million in cash and cash equivalents.

Sigma-Aldrich expects to meet its previous forecast for 2011 organic sales growth in the mid-single digits. Including benefits from currency translation and acquisitions, it expects reported sales growth for the year to be in the low-double digits.

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