Bruker Q2 Results Top Estimates, Backs 2013 Outlook

(RTTNews) - Scientific equipment maker Bruker Corp. (BRKR) reported a profit for the second quarter that more than doubled from last year, reflecting improved margins and revenue growth. Both adjusted earnings per share and quarterly revenues topped analysts' expectations. The company noted that noted that financial results rebound after slow start to the year. The company also maintained its earnings and revenue growth forecast for the full-year 2013.

"Our growth and profitability rebounded in the second quarter, after a weak first quarter of 2013. We continue to experience significant variability in our businesses and markets, with weakness in some key markets partially offset by diversified pockets of growth," President and CEO Frank Laukien said in a statement.

Billerica, Massachusetts-based Bruker reported net income of $22.9 million or $0.14 per share for the second quarter, higher than $9.9 million or $0.06 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $29.9 million or $0.18 per share, compared to $20.5 million or $0.12 per share in the prior-year quarter. On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.13 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter grew 8.1 percent to $454.90 million from $420.70 million in the same quarter last year, and topped thirteen Wall Street analysts' consensus estimate of $426.39 million. Organic revenue growth was 9.5 percent.

Bruker scientific instruments (BSI) reported organic revenue growth of 7.7 percent, and Bruker's energy and superconducting technologies (BEST) segment reported organic revenue growth of 40.0 percent.

Operating margin for the quarter expanded 430 basis points to 9.6 percent from last year on improved gross margins and lower operating expenses.

Total operating expenses declined to $158.1 million from $166.1 million in the year-ago quarter.

"Bruker's strong growth in second quarter operating profitability was the result of controlled operating spending and a return to revenue growth after a slow start to the year," CFO Charles Wagner stated.

Looking ahead to fiscal 2013, the company continues to expect adjusted in the range of $0.80 to $0.83 per share, on projected revenue growth of 2 to 3 percent. Analysts expect the company to report earnings of $0.81 per share for the year on revenues of $1.82 billion.

"At the mid-point of the year, we believe we are on track to deliver our full-year 2013 guidance for revenue growth and EPS, and we remain focused on implementing programs that will drive operational improvement and profitable growth," Laukien added.

BRKR closed Wednesday's regular trading at $17.92, up $0.12 or 0.67% on a volume of 0.59 million shares. The stock gained a further $0.69 or 3.85% in after-hours trading.