Strong Sales Help Boost Beckman’s Profit by 25%
Beckman Coulter Inc. stock rose Thursday after the company reported a 25% rise in net income -- helped by strong sales in its clinical diagnostics segment -- for the third quarter.
The Fullerton laboratory equipment maker raised its 2003 forecast and released its fourth-quarter and 2004 projections.
Beckman shares closed Thursday at $48.56, up $2.09, or 4.5%, on the New York Stock Exchange.
The company reported third-quarter earnings of $40 million, or 62 cents a share, on revenue of $534.8 million, compared with earnings of $32.1 million, or 49 cents a share, on revenue of $501 million last year.
Analysts expected earnings of 61 cents a share, according to Thomson First Call.
Clinical diagnostics sales rose 9.2% to $381.1 million for the quarter.
Beckman expects fourth-quarter earnings of 87 cents to 92 cents a share on sales between $6.4 million and $6.46 million. Excluding items, the quarter is expected to be flat with last year’s 53 cents a share on revenue of $595.5 million.