Wednesday, Bio-Rad Laboratories, Inc. (BIO, BIO.B), a manufacturer of products for the life science research and clinical diagnostic markets, reported that it had turned to a profit in the fourth quarter primarily due to an increase in sales.
Net income attributable to Bio-Rad for the fourth quarter was $37.86 million or $1.35 per share, compared with a loss of $8.21 million or $0.30 per share in the comparable period a year-ago.
On average, six analysts polled by Thomson Reuters expected the company to earn $1.10 per share. Analysts' estimates typically exclude special items.
Net sales for the quarter rose to $495.07 million from $447.96 million in the year-ago period. This increase was the result of organic growth across Bio-Rad's two main areas, Life Science and Clinical Diagnostics.
Six Wall Street analysts estimated a revenue of $469.85 million for the quarter.
The Life Science segment net sales for the fourth quarter were $191.0 million, up 12.1% compared to the same period last year. On a currency-neutral basis, Life Science segment sales increased by 6.6% year-over-year.
The Clinical Diagnostics segment reported net sales of $300.5 million for the fourth quarter, up 9.7% compared to the prior-year quarter. On a currency-neutral basis, net sales were up 2.9% year-over-year.
Cost of goods sold for the quarter increased to $226.60 million from $201.28 million in the year-ago period. Selling, general and administrative expenses increased to $163.86 million from $154.49 million; product research and development expenses increased to $44.51 million from $41.12 million a year-ago. However, impairment losses on goodwill and long-lived assets declined to $3.80 million from $28.75 million in the prior year period.
For the full year, net income attributable to Bio-Rad increased to $144.62 million or $5.20 per share from $89.51 million or $3.24 per share a year-ago. Net sales rose to $1.78 billion from $1.76 billion in the year-ago period.
Street estimated earnings of $4.95 per share on a revenues of $1.76 billion for the full year.
BIO closed Wednesday's last trade at $97.97, up $1.03 or 1.06%, on a volume of 61 thousand shares on the New York Stock Exchange. In the afterhours the stock traded down $1.17 or 1.20%.
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