, a provider of products and services used in genetic research and drug production, said Thursday its second-quarter earnings rose 32.2% from the year-ago period, helped by lower expenses and gain on business divestitures.
The Carlsbad, Calif.-based company earned $19.7 million, or 36 cents, a share, in the quarter, compared with $14.9 million, or 27 cents a share, a year ago. Adjusted for items, earnings were $49 million, or 90 cents a share in the most recent quarter. Analysts were expecting earnings of $49.5 million, or 85 cents a share.
Second-quarter revenue rose 2.3% from a year ago to $313.6 million against analysts' estimation of $319.7 million.
''We will have approximately $1 billion of funds available by year end, which gives us the ability to do a buyback in the near term, as well as continue to evaluate potential acquisitions," the company said.
Second-quarter gross profit rose 7.1% from a year ago to $190.6 million and gross margin increased 270 basis points to 60.8%. Operating income for the quarter rose 12.7% to $25.8 million and operating margin increased 75.6 basis points to 8.2%.
By segment, second-quarter revenue from BioDiscovery segment rose 10.5% from a year ago to $204.8 million, however revenue from BioProduction segment fell 10% to $108.9 million.
Invitrogen also announced a $500 million share repurchase program, over the next three years, to repurchase shares on the open market or in privately negotiated transactions.
Invitrogen fell $4.21 early Friday to $58.12.
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