Medical imaging and aviation security systems company Analogic Corp. (ALOG), Thursday reported a sharply higher profit in the fourth quarter on strong growth across most segments, as well as improved operating margin. Both quarterly earnings as well as revenues came in well ahead of Street estimates.
Moving forward, the company projected high single-digit organic revenue growth for the fiscal year 2013. The company's stock touched a new high for the year, gaining over 10.0 percent in after-hours trade on the Nasdaq.
Analogic's impressive results reflect a 12.0 percent year-over-year increase in quarterly revenues, as it launched innovative products, expanded its direct sales force, and enhanced efficiencies.
Among segments, Ultrasound revenue grew 20.0 percent from last year, and Security Technology revenue spiked 47.0 percent. At Medical Imaging, which accounts for a large part of the business, revenue was up by a thin margin.
Peabody, Massachusetts-based Analogic Corp. reported fourth quarter net income of $12.0 million or $0.96 per share, up from $5.6 million or $0.45 per share last year.
Excluding items, adjusted earnings for the quarter totaled $16.6 million or $1.32 per share, compared with $10.3 million or $0.83 per share a year ago.
On average, three analysts polled by Thomson Reuters expected earnings of $0.71 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter increased to $151.0 million from $135.0 million in the prior year. Analysts expected revenues of $140.80 million.
Operating margin for the quarter improved six points from the prior year to 11.0 percent.
Analogic declared a quarterly $0.10 cash dividend for each common share, payable on October 9 to shareholders of record on September 27.
Shares of Analogic Corp. closed Thursday at $69.19, up 0.64%, on the Nasdaq. In after hours, the stock gained $7.41 or 10.71% at $76.60. In the past year, the stock traded in a range of $43.50 - $71.24.
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