(RTTNews) - Thursday, Scientific and technical instrument maker Bruker Corp. (BRKR: News ) reported a lower third quarter profit, hurt by higher costs, notwithstanding the 9.5% revenue growth in the quarter.

The Billerica, Massachusetts-based company reported net income attributable to the company for the third quarter of $16.4 million or $0.10 per share, compared to $17.8 million or $0.11 per share in the year-ago quarter.

On average, four analysts polled by Thomson Reuters expected the company to earn $0.07 per share. Analysts estimates typically exclude special items.

The net income for the third quarter of 2009 included a non-cash stock-based compensation expense of $0.01 per share. Included in the third quarter of 2008 net income were one-time tax benefits of $0.07 per share and non-cash stock-based compensation expense of $0.01 per share.

Revenues for the quarter increased 9.5% to $265.1 million from $242.1 million in the prior-year quarter. Excluding the effect of foreign currency translation, third quarter 2009 revenue increased 11.4% year-over-year. Three analysts had a revenue consensus of $239.96 million for the third quarter.

Product revenues grew to $230.7 million from $211.8 million, while Service revenues rose to $32.4 million from $28.8 million in the year-earlier quarter.

Total cost of revenue for the quarter rose to $145.9 million from $131.0 million in the third quarter of 2008.
Operating income for the quarter was $26.0 million, compared to $15.1 million in the year-earlier quarter. Total operating expenses were $93.2 million, down from $96.0 million in the prior-year quarter.

Frank Laukien, Bruker's President and CEO, commented, "We are pleased with our double-digit currency-adjusted third quarter 2009 year-over-year revenue growth, with our solid sequential improvements in revenue, operating margins and net income during the first three quarters of 2009, and with our strong free cash flow year-to-date.

For the nine-month period, the company reported a net income of $37.7 million or $0.23 per share, compared to $38.7 million or $0.23 per share in the previous-year period.

Total revenues for the period decreased to $748.1 million from $791.9 million a year ago.

Looking further, the company said, "While we expect a strong fourth quarter of 2009, we believe that most of the anticipated positive revenue and margin effects from global stimulus orders will be reflected in Bruker's financial results in 2010 and 2011."

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