Martek Biosciences Surges
Martek Biosciences
(MATK)
jumped 15% Wednesday after reported 83.2% rise in profit in the second quarter.
The Columbia, Md.-based company earned $6.3 million, or 19 cents a share, in the quarter, compared with $3.4 million, or 11 cents a share, a year ago. Excluding option expenses, earnings were 21 cents a share. Analysts surveyed by Thomson First call were expecting earnings of 16 cents a share in the most recent quarter.
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Second-quarter revenue rose 25.8% from a year ago to $70.2 million as against analysts' expectation of $67.9 million.
Product sales during the quarter rose 23.4% to $65.2 million, led by increased infant formula sales. Contract manufacturing sales grew 67.1% to $5 million.
Gross profit margin for the quarter improved 200 basis points from last year to 39%, largely due to improved DHA productivity and the discontinuation of ARA overseas air freighting, the company said.
Shares rose $3.73 to $28.94.
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