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Sigma-Aldrich's Q3 Sales Dip 1 Percent, but EPS Rises 9 Percent

NEW YORK (GenomeWeb News) – Sigma-Aldrich today reported that its third-quarter revenues dipped 1.3 percent year over year, with growth in its Research Biotech and fine chemicals (SAFC) businesses being offset by declines in its other units.

The chemicals and lab products firm generated total revenues of $533.8 million for the three-month period ended Sept. 30, compared to revenues of $540.6 million for the third quarter of 2008. Excluding the negative impact of currency translation, Sigma-Aldrich's sales grew around 2 percent.

By segment, Sigma-Aldrich's Research Essentials had revenues of $102.2 million compared to $103.8 million for the comparable period of 2008; Research Specialties reported revenues of $197.5 million versus $206.3 million; Research Biotech had revenues of $82 million compared to $80 million; Research Chemicals had sales of $381.7 million compared to $390.1 million; and SAFC had revenues of $152.1 million versus $150.5 million.

Sigma-Aldrich's profit rose to $86.1 million, or $.71 per share, from $81.9 million, or $.65 per share, in the year-ago period.

The company's R&D expenses were down around three percent to $16 million from $16.5 million, while its SG&A spending fell around six percent to $127.2 million from $135.2 million.

Sigma-Aldrich ended the quarter with $292.2 million in cash and cash equivalents.

The company noted that it bought up 400,000 of its shares during the quarter at an average price of $51.65 per share.

Sigma-Aldrich reaffirmed its full-year 2009 organic sales growth expectation of low single-digits. It also said that it expects to see a negative impact on diluted EPS of more than $.40 for full-year 2009 if currency exchange rates remain at their current levels.

In early Thursday trade on the Nasdaq, Sigma-Aldrich's shares were down 2 percent at $54.25.