Medical testing instruments maker Beckman Coulter Inc. of Fullerton said its second-quarter profit rose 32% because of cost cutting.
The company said it earned $60.8 million, or 94 cents a share, compared with $45.9 million, or 71 cents, a year earlier. Excluding restructuring costs and other items, the company earned 99 cents a share, a 15% increase from a year earlier.
Revenue declined 5% to $756.7 million, hurt by the stronger dollar’s effect on overseas sales.
Analysts polled by Thomson Reuters expected the company to earn 81 cents a share on revenue of $761.3 million. Analyst expectations typically exclude one-time items.
Beckman Coulter also updated its full-year outlook, saying it now expects to earn $3.76 to $3.91 a share, compared with analysts’ average estimate of $3.79.
Shares fell $2.22, or 3.8%, to $56.66.