Brooks Automation Inc. (BRKS) on Thursday reported a nine-fold increase in profit for the fourth quarter as a one-time tax benefit helped offset lower revenues.
Looking ahead, the technology equipment maker forecast earnings and revenue for the first quarter below analysts' estimates, citing continued weak market conditions.
Steve Schwartz, President and CEO of Brooks Automation said, "Strength in our Brooks Life Science Systems revenue and gross margin slightly offset accelerating market weakness for semiconductor equipment products and enabled us to achieve the high end of our revenue guidance and beat our bottom-line guidance for the quarter."
Brooks Automation is a provider of automation, vacuum and instrumentation solutions for multiple markets, including semiconductor manufacturing, life sciences, and clean energy.
The Massachusetts-based company's fourth-quarter net income was $116.22 million or $1.77 per share, up sharply from $12.69 million or $0.19 per share in the prior-year period.
The latest quarter's results included a tax benefit of $123.91 million. In addition, the results include special charges of $8.94 million on terminating the U.S. defined benefit pension plan and $2.15 million on implementing a restructuring plan that included an about 10 percent reduction in the company's workforce.
Excluding items, adjusted earnings for the quarter were $5.50 million or $0.08 per share, compared to $12.71 million or $0.20 per share in the year-ago period. On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.02 per share for the quarter.
Revenues for the quarter declined 9 percent to $119.45 million from $130.95 million in the same period last year, but beat analysts' consensus estimate of $115.08 million.
Revenues declined from last year as gains in the Brooks Life Science Systems segment were offset by the weaker market conditions for semiconductor and industrial products.
Gross profit margin declined to 32.3 percent compared to 35.9 percent in the year-ago period.
For fiscal year 2012, Brooks Automation's net income was $136.79 million or $2.08 per share, up from $130.39 million or $2.01 per share in the prior year. Adjusted earnings were $31.31 million or $0.48 per share, compared to $88.03 million or $1.35 per share last year.
Revenues for the year declined 25 percent to $519.45 million from $688.11 million in the previous year.
Analysts expected the company to report earnings of $0.41 per share for the year on revenues of $514.90 million.
The company's board of directors has declared a dividend of $0.08 per share, payable on December 28, to stockholders of record on December 7.
Looking ahead to the first quarter, Brooks expects adjusted loss in a range of $0.15 to $0.07 per share and revenues of $85 million to $95 million. Analysts expect the company to report a loss of $0.01 per share for the quarter on revenues of $109.85 million.
BRKS closed Thursday's regular trading at $7.23, down $0.19 or 2.56 percent on a volume of 340,800 shares.
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