Bruker Q2 Adj. Profit Beats View, But Lowers 2014 Outlook

(RTTNews) - Scientific equipment maker Bruker Corp. (BRKR) on Wednesday reported a 28 percent decline in profit for the second quarter from last year, as a slight increase in revenues was more than offset by one-time restructuring and acquisition-related costs. However, adjusted earnings per share for the quarter beat analysts' expectations.

Looking ahead, the Billerica, Massachusetts-based company lowered its financial outlook for fiscal 2014, citing revised outlook for its Chemical & Applied Markets division or CAM, and lower growth outlook in some of its other businesses. The company's shares tumbled almost 13 percent in extended trades.

Second-quarter net income attributable to the company was $16.4 million or $0.10 per share, down from $22.9 million or $0.14 per share in the year-ago period.

On an adjusted basis, earnings for the quarter were $34.9 million or $0.21 per share, compared to $29.9 million or $0.18 per share in the comparable quarter last year. On average, sixteen analysts polled by Thomson Reuters expected the company to report earnings of $0.19 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the quarter edged up 0.5 percent to $457.4 million from $454.9 million in the same period last year. Analysts had a consensus revenue estimate of $457.90 million for the quarter.

Excluding a 0.5 percent positive effect from acquisitions and a 2.2 percent benefit from changes in foreign exchange rates, organic revenue for the quarter declined 2.2 percent.

For fiscal 2014, Bruker now expects adjusted earnings in a range of $0.78 and $0.81 per share, down from the prior range of $0.85 to $0.88 per share. Analysts expect earnings of $0.88 per share for the year.

The company now expects full-year reported revenues to grow year-over-year between 1 and 2 percent, down from the previous guidance of 3 to 4 percent growth. Analysts currently expect revenue of 4.00 percent to $1.91 billion.

BRKR closed Wednesday's trading at $22.80, down $0.03 or 0.13 percent on a volume of 705,870 shares. In after-hours, the stock further declined $2.90 or 12.72 percent to $19.90.