Corrects first and third para to show that the company reported third quarter earnings:
Brooks Automation Inc. (BRKS) Thursday reported a sharp decline in profit for the third quarter, hurt by the timing of tender awards for major systems in Europe, as well as absence of one-time gains recorded last year. The company's earnings for the quarter missed Street analysts' estimates, as did revenue.
Moving forward, Brooks Automation provided a weak outlook for the fourth quarter, and the news dragged down the company's shares by about 5 percent in after-hours trade on the Nasdaq.
The provider of automation systems and instrumentation solutions reported third quarter net income of $8.03 million or $0.12 per share, compared to $66.92 million or $1.03 per share for the year-ago quarter.
Results for the prior-year quarter included a $45 million sale of contract manufacturing business.
Excluding items, adjusted earnings for the quarter were $8.9 million or $0.14 per share, compared to $24 million or $0.37 per share in the prior year.
On average, 7 analysts polled by Thomson Reuters expected the company to earn $0.19 per share for the quarter. Analyst estimates typically exclude special items.
Net revenues for the quarter were $140.4 million, down from $186 million for the same quarter last year. Six analysts had a consensus revenue estimate of $143.30 million for the quarter.
Additionally, the company has declared a dividend of $0.08 per share, payable on September 28, to stockholders of record on September 7.
Moving forward to the fourth quarter, the company expects non-GAAP earnings of $0.00to $0.06 per share. Revenues for the quarter are expected to decline 15 to 20 percent. Analysts currently estimate earnings of $0.19 per share.
Brooks Automation shares closed at $9.57 on the Nasdaq on Thursday. In after hours, the stock dropped $0.47 or 4.91%
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