Bruker Corp. (BRKR) reported that its fourth-quarter net income attributable to the company declined to $12.8 million or $0.08 per share, from $39.1 million or $0.23 per share in the same quarter last year.
Included in the fourth quarter 2012 results were approximately $22 million of charges related to intangible and fixed asset impairments, as well as a write-down of goodwill at Bruker's Chemical & Applied Markets or CAM division and $2 million of charges in Bruker's BEST business relating to fixed asset impairments and restructuring charges.
Fourth quarter 2012 non-GAAP earnings per share were $0.28, compared to $0.30 in the fourth quarter of 2011. Analysts polled by Thomson Reuters expected the company to report earnings of $0.24 per share for the quarter. Analysts' estimates typically exclude special items.
GAAP operating income was $39.2 million, compared to $53.7 million in the fourth quarter 2011. On a non-GAAP basis, non-GAAP operating income for the quarter was $73.0 million, up from $60.6 million in the year ago quarter.
Revenues for the fourth quarter 2012 grew 8.9 percent to $517.3 million from $475.1 million in Q4 2011. Excluding a 2.1 percent negative effect from changes in foreign exchange rates and a 0.8 percent net contribution from acquisitions and divestitures, Bruker generated year-over-year organic revenue growth of approximately 10.2 percent in the fourth quarter of 2012. Twelve analysts had consensus revenue estimate of $483.65 million for the quarter.
For the full year 2013, the company expects year-over-year reported revenue growth of 4 to 5 percent and non-GAAP earnings per share growth of 6 to 10 percent. Analysts expect the company to report earnings of $0.90 per share on revenues of $1.85 billion for fiscal 2013.
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