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Bruker Corporation Reports Fourth Quarter And Full Year 2012 Financial Results

Stocks in this article: BRKR

Bruker Corporation (NASDAQ: BRKR) today reported financial results for its fourth quarter and full year ended December 31, 2012.

Revenues for the fourth quarter 2012 grew 8.9 percent to $517.3 million from $475.1 million in Q4 2011. Excluding a 2.1 percent negative effect from changes in foreign exchange rates and a 0.8 percent net contribution from acquisitions and divestitures, Bruker generated year-over-year organic revenue growth of approximately 10.2 percent in the fourth quarter of 2012.

Bruker reported fourth quarter 2012 GAAP operating income of $39.2 million, or 7.6% of revenues, compared to $53.7 million, or 11.3% of revenues in the fourth quarter 2011. Fourth quarter 2012 GAAP earnings per diluted share (EPS) were $0.08, compared to EPS of $0.23 in the fourth quarter of 2011. Included in the fourth quarter 2012 results were approximately $22 million of charges related to intangible and fixed asset impairments, as well as a write-down of goodwill at Bruker’s Chemical & Applied Markets (CAM) division and $2 million of charges in Bruker’s BEST business relating to fixed asset impairments and restructuring charges.

On a non-GAAP basis, Bruker reported fourth quarter 2012 non-GAAP operating income of $73.0 million, or 14.1% of revenues, compared to $60.6 million, or 12.8% of revenues, in Q4 of 2011. Fourth quarter 2012 non-GAAP EPS were $0.28, compared to $0.30 in the fourth quarter of 2011. A reconciliation of GAAP to non-GAAP financial measures is provided in the Company’s financial tables accompanying this press release.

For the full year 2012, Bruker’s revenues grew 8.5 percent to $1.79 billion, compared to $1.65 billion in 2011. Excluding a 4.6 percent unfavorable impact from changes in foreign exchange rates and a 1.2 percent net contribution from acquisitions and divestitures, the Company generated 11.9 percent organic revenue growth in 2012.

Bruker reported full year 2012 GAAP operating income of $156.0 million, or 8.7% of revenues, compared to $155.6 million, or 9.4% of revenues, in 2011. The Company’s 2012 GAAP EPS were $0.46, compared to $0.55 in 2011.

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