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Sigma-Aldrich Posts 5 Percent Revenue Growth for Q3

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Sigma-Aldrich today reported 5 percent revenue growth on the strength of its fine chemicals business. Excluding the effect of foreign currency exchange rates, its revenues were up 7 percent.

The St. Louis-based research products and chemicals firm brought in total revenues of $563 million for the three-month period ended Sept. 30, compared with $534 million for Q3 2009. Analysts, on average, had expected sales of $542.3 million.

Analysts, on average, had expected sales of $542.3 million for the quarter.

The firm's Research Essential unit had sales growth of 1 percent to $105 million from $104 million year over year, while its Research Specialties sales grew 5 percent to $207 million from $198 million; its Research Biotech sales were up 1 percent to $84 million from $83 million; and its Research Chemicals business posted sales growth of 3 percent to $396 million from $385 million. Its SAFC business registered a strong quarter with sales growth of 12 percent to $167 million from $149 million.

Sigma-Aldrich posted net income of $93 million, or $.76 per share, for the quarter, up from $86 million, or $.70 per share, for Q3 2009. The most recent quarter's profit was cut by a $4 million restructuring charge and $7 million impairment charge, with no comparable charges for the previous year's results. The restructuring charge was tied to the consolidation of certain manufacturing facilities in the US and Europe.

The firm's R&D expenses were flat year over year at $16 million, while its SG&A spending increased 9 percent to $139 million from $127 million.

Sigma-Aldrich finished the quarter with $500 million in cash and cash equivalents.

The firm expects to report full-year organic sales growth in the mid-single digit range. It also raised its EPS guidance to a range of between $3.20 and $3.28 from previous expectations of between $3.05 and $3.20.

In early Thursday trade on the Nasdaq, shares of Sigma-Aldrich were up 1 percent at $61.99.

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