Innovation Update

Return to Article

Beckman Coulter 1Q Profit Halved By Charges

The Associated Press

FULLERTON, Calif. (AP) — Beckman Coulter Inc. said its profit fell 50 percent in the first quarter due to restructuring and acquisition costs, but the biomedical diagnostics instrument maker's adjusted earnings were stronger than Wall Street expected.

Beckman Coulter said Tuesday it earned $20.6 million, or 32 cents per share, in the first quarter. The results included severance charges of $9.9 million due to job cuts, $6.7 million in restructuring expenses, and $9.8 million in costs related to the buyout of Olympus Corp.'s lab-based diagnostics business.

Excluding those costs and other one-time items, the company said it earned $45.5 million, or 71 cents per share. Analysts expected 59 cents per share, according to a Thomson Reuters estimate.

Revenue fell 5 percent to $691.5 million, as the stronger dollar lead to weaker sales overseas. Analysts had expected a higher $705.6 million. The company said clinical diagnostics revenue fell 4 percent to $597.3 million, and life sciences revenue fell 15 percent to $94.2 million.

Recurring revenue fell 1 percent, to $573.7 million.

Beckman Coulter reported a profit of $40.9 million, or 63 cents per share, in the first quarter of 2008, with $730.5 million in revenue. Excluding one-time items, that rose to $42 million, or 65 cents per share.

The company maintained its full-year forecasts, targeting an adjusted profit of $3.71 to $3.91 per share, and revenue of about $3.1 billion. Analysts expect a profit of $3.90 per share for the year on revenue of $3.1 billion.

Shares of the company added $2.43, or 4.6 percent, to $54.94 in aftermarket trading, having closed the regular session at $52.51.