Call Start: 09:00 Call End: 10:04 Bruker Corporation (BRKR) Q3 2011 Earnings Conference Call October 27, 2011 09:00 ET Executives Stacey Desrochers – Treasurer and Director, Investor Relations Frank Laukien – President and Chief Executive Officer Tom Rosa – Chief Financial Officer Bill Knight – Chief Financial Officer and Interim Chief Operating Officer Analysts Tycho Peterson – JPMorgan Amanda Murphy – William Blair Isaac Ro – Goldman Sachs Peter Lawson – Mizuho Securities Dan Arias – UBS Dan Leonard – Leerink Swann John Wood – Jefferies Presentation Operator
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» Bruker's CEO Discusses Q2 2011 Results - Earnings Call Transcript
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» Bruker Corp. Q2 2010 Earnings Call Transcript
While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change and therefore you should not rely upon these forward-looking statements as representing our views as of any date subsequent to today.In addition to the financial measures prepared in accordance with Generally Accepted Accounting Principles or GAAP, we will discuss certain non-GAAP financial measures, including adjusted EPS, adjusted operating income, and adjusted operating margins which are non-GAAP measures that excludes certain items. We exclude these items because they are outside of our normal operations and/or in certain cases are difficult to forecast accurately for future periods. We believe that the use of non-GAAP measures helps investors gain a better understanding of our core operating results and future prospects, consistent with how we measures and forecast the company’s performance, especially when comparing the results to previous periods or forecasts. A reconciliation of our GAAP to adjusted numbers can be found in our press release issued earlier today and is located in the Investor Relations section of our bruker.com website. Today Frank will provide an update on the business and certain financial highlights. Tom will describe the financial results of our BEST segment and then Bill will discuss the financial results of our Bruker Scientific Instruments segment in more detail. I will now turn the call over to our President and CEO, Frank Laukien. Frank Laukien – President and Chief Executive Officer Thank you Stacy and good morning everyone. We appreciate you joining us today. Before I provide the business update and discuss additional highlights for the third quarter and the first nine months of 2011. I’d like to welcome our new sell side analysts, Amanda Murphy from William Blair, and Derik De Bruin from Bank of America Merrill Lynch. Welcome.
I believe most of you read our earnings press release issued at 7 A.M. this morning and you are now familiar with the key numbers in the earnings release. In the third quarter of 2011, we continue to deliver excellent top-line growth. Specifically, in the third quarter of 2011, our revenue increased year-over-year by 35% to $418.4 million. Revenue in the third quarter of 2011 increased by 11% organically when we exclude the effects of foreign currency translation and acquisitions.GAAP net income for the third quarter 2011 was $19.8 million or $0.12 per diluted share compared to GAAP net income of $27.4 million or $0.17 per diluted share in the first share of 2010. Adjusted net income which includes acquisition related restructuring and other charges was $36.2 million in the third quarter of 2011, or $0.22 per diluted share compare with adjusted net income of $35.2 million, or $0.21 per diluted share in the third quarter of 2010. For the nine months ended September 30, 2011, our revenue was $1.176.6 billion, an increase of 32% over the first nine months of 2010 or 8% organic growth year-over-year. GAAP net income for the nine months ended September 30, 2011 were $53.2 million or $0.32 per diluted share compared to GAAP net income of $56.1 million or $0.40 per diluted share during the nine months ended September 30, 2010. Adjusted net income for the nine months ended September 30, 2011 was $92.7 million or $0.56 per diluted share compared to adjusted net income of $79.9 million or $0.48 per diluted share during the nine months ended September 30, 2010. As a result of our competitive portfolio of high performance systems and solutions, our new order bookings continued to grow strongly in the third quarter, both year-over-year and sequentially, and our already high contractual backlog has grown even further. Read the rest of this transcript for free on seekingalpha.com