NEW YORK (TheStreet) -- Bruker Corporation (BRKR) tumbled Friday after missing estimates on its top and bottom line. Shares plunged 15.2% once markets opened, recouping half its losses mid-morning before closing 6% lower to $19.23.
The medical technology company reported third-quarter earnings of 20 cents a share, 2 cents lower than analysts surveyed by Yahoo! Finance had expected. Revenue of $439 million, 2% lower than a year earlier, also missed estimates by $13.4 million.
"With continued weakness in industrial markets, our updated view is that the fourth quarter of 2013 will not be as strong as we originally expected and, as a result, we are taking additional near-term actions to reduce our headcount and lower our expense base," said CEO Frank Laukien in a statement.
The company announced plans to cut 150 positions, outsource a number of non-core manufacturing activities and close three manufacturing facilities by the end of the fourth quarter. These cost-reduction strategies will generate $15 to $20 million in savings over 2014, upgraded from a previous forecast of $10 million in savings.
The Massachusetts-based manufacturer said it expects the fourth quarter to be weaker than the same period a year ago, but more profitable sequentially. Full-year revenue is expected to decrease 1% compared to full-year 2012, with earnings between 72 cents a share and 76 cents a share compared to the previous range of 80 cents to 83 cents.
TheStreet Ratings team rates Bruker Corp as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: