NEW YORK (GenomeWeb News) – Sigma-Aldrich today reported 10 percent first-quarter revenue growth led by its SAFC business. On an organic basis, its revenues were up around 4 percent year over year.
The St. Louis-based chemicals and research tools firm brought in total revenues of $572 million for the three-month period ended March 31 compared to $519 million for the first quarter of 2009. The firm beat analysts' consensus estimate of $570.6 million.
Sales for its Research Essentials business were $112 million, up 5 percent from $107 million in Q1 2009; sales for the Research Specialties business grew 10 percent year over year to $217 million from $197 million; sales for the Research Biotech business increased 11 percent to $91 million from $82 million; sales for the Research Chemicals business increased 9 percent to $420 million from $386 million; and sales for SAFC jumped 14 percent to $152 million from $133 million.
Sigma-Aldrich posted a profit of $100 million, or $.81 per share, compared to $84 million, or $.68 per share, for Q1 2009. The EPS beat analysts' average estimate of $.79.
"The $0.81 diluted EPS reported for the first quarter of 2010 was the best reported quarterly result in our history," Sigma-Aldrich Chairman, President, and CEO Jai Nagarkatti said in a statement.
The firm's R&D spending for the quarter was flat at $16 million, while its SG&A spending increased around 6 percent to $134 million from $127 million.
"We are very pleased with this performance as we begin 2010 with improved conditions in several of our markets," said Nagarkatti. "In addition, our sales growth in SAFC and in our research focus initiative areas of analytical, biology and materials science all made positive contributions to our overall growth."
The firm finished the quarter with $421 million in cash and cash equivalents.
Sigma-Aldrich expects to report full-year 2010 organic sales growth in the mid-single-digit range. It also increased its full-year EPS guidance by $.05 to a range of between $3.05 and $3.20.