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Techne Earnings Rise

TSC and IRIS Staff

Techne(TECH) said its third-quarter earnings rose 10.3% as revenue increased substantially.

The company earned $20.3 million, or 52 cents a share, in the quarter, compared with $18.4 million, or 45 cents a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of 50 cents a share in the most recent quarter.

Third-quarter revenue increased 14.3% to $54.8 million as against analysts' expectation of $54 million.

Operating profit increased 11.2% to $30.6 million while operating profit margin declined 160 basis points to 55.7%.