Bruker Q3 Profit Down, Results Miss Estimates; Cuts 2013 Outlook - Quick Facts

(RTTNews) - Bruker Corp. (BRKR) reported that its third-quarter of 2013 net income attributable to the company declined to $16.6 million or $0.10 per share, from $39.7 million or $0.24 per share in the same quarter last year.

On a non-GAAP basis, Net income attributable to the company fell to $33.8 million from last year's $47.4 million. Non-GAAP earning per share decreased to $0.20, from $0.28 in the third quarter of 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly revenues for the third quarter declined 2.0 percent to $439.0 million, from $447.8 million last year. Fifteen analysts estimated revenues of $452.40 million for the quarter. Excluding a 0.5 percent positive effect from changes in foreign exchange rates and a 0.1 percent net negative effect from acquisitions and divestitures, Bruker reported a year-over-year decline in organic revenues of 2.4 percent in the third quarter of 2013.

Full year 2013 non-GAAP earnings per share is now expected to be in the range of $0.72 to $0.76, compared to previous expectations of $0.80 to $0.83.

The company lowered its full year 2013 guidance. The Company currently expects its full year 2013 reported revenues to decrease between -1 percent and 0 percent, compared to the full year 2012. This revised guidance implies full year 2013 organic revenue growth to be between 0 and 1 percent. Previously, the company projected revenue growth of 2 to 3 percent for 2013.

Analysts expect the company to report earnings of $0.81 per share and revenues of $1.84 billion for fiscal 2013.

"We previously communicated that our 2013 guidance anticipated a second-half recovery of industrial markets and a strong fourth quarter.... Our updated outlook is that while our fourth quarter is expected to be up sequentially, it will be weaker than the previous year primarily due to declines in our BMAT Group revenues. As a result, we are lowering our guidance for 2013 and taking additional decisive actions to help us improve the efficiency of our operations as we enter next year," said Charles Wagner, Chief Financial Officer of Bruker.