Bruker 3Q profit down; 150 materials unit jobs cut
NEW YORK (AP) — NEWS: Scientific equipment maker Bruker said Friday its net income dropped 58 percent in the third quarter and lowered its guidance for the year. It also said it will eliminate 150 jobs.
DETAILS: Bruker said demand from industrial markets remains weak and preclinical imaging revenue is still declining. A year ago its energy and superconducting technology business received a $16 million license payment that did not recur this year.
NUMBERS: Bruker said its net income fell to $16.6 million, or 10 cents per share. Excluding one-time items Bruker's net income fell to 20 cents per share from 28 cents per share. Revenue fell 2 percent to $439 million.
FactSet says analysts expected net income of 22 cents per share and $452.6 million in revenue.
FUTURE: The Billerica, Mass., company now expects to earn 72 to 76 cents per share, down from an earlier forecast of 80 to 83 cents per share. It now expects revenue to be flat to down 1 percent from last year, implying a range of $1.77 billion to $1.79 billion. That's down from earlier predictions for revenue to be flat to up 1 percent.
Analysts expect net income of 81 cents per share and $1.84 billion in revenue.
Bruker also said it is eliminating about 150 jobs in its materials business. It expects to save $15 million to $20 million in 2014 from the cuts and other restructuring moves.
STOCK: Shares of Bruker lost $1.12, or 5.5 percent, to $19.33 in midday trading.