Qiagen N.V. (QGEN: Quote) reported that its second-quarter net income attributable to owners of the company was steady at $33.3 million compared to the second quarter of 2011. Earnings per share in the second quarter of 2012 was unchanged at $0.14 compared to the year-earlier period.
Adjusted net income attributable to owners of the company rose 11% to $60.8 million from $55.0 million in the 2011 quarter, as adjusted earnings per share rose to $0.25 in the second quarter of 2012 from $0.23 in the same period of 2011.
In the second quarter of 2012, net sales grew 9% (up 14% at constant exchange rates, or CER) to $307.2 million from the same period in 2011, as all customer classes, particularly Molecular Diagnostics and Applied Testing, and all regions recorded growth.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.23 per share on revenues of $303.54 million for the quarter. Analysts' estimates typically exclude special items.
The company said it has been authorized to repurchase shares up to a total of $100 million, excluding transaction costs. Based on the closing price on July 23, this represents approximately six million shares.
For the third quarter of 2012, net sales growth of approximately 9-10% CER is expected, and adjusted earnings per share is expected to be approximately $0.25. Analysts expect the company to report earnings of $0.25 per share on revenues of $305.54 million for the third-quarter.
The company has raised its outlook for net sales and adjusted earnings growth in 2012.
For the full year, total net sales are now expected to rise approximately 8-9% CER (previously 6-8% CER) on a mix of contributions from the acquisitions of Cellestis and Ipsogen in 2011 and AmniSure in May 2012, as well as the rest of the business.
Adjusted earnings per share are now expected to rise to approximately $1.04- $1.06 for full-year 2012 from the prior outlook of $1.03- $1.05 per share. The outlook takes into account approximately $0.01 per share of dilution for investments in the next-generation sequencing initiative, which included the acquisition of Intelligent Bio-Systems. Analysts expect the company to report earnings of $0.99 per share on revenues of $1.24 billion for fiscal 2012.
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by RTT Staff Writer
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