Beckman Coulter, Inc. (BEC), a provider of biomedical testing instrument systems, Thursday affirmed its outlook for fiscal 2009. The company also provided preliminary outlook for the fiscal year 2010, expecting mid-teens earnings growth benefiting from its acquisition of Olympus Corp.'s (OCPNY.PK) diagnostic systems during the third quarter of fiscal 2009.
The Brea, California-based company continues to expect consolidated earnings in the range of $3.77 to $3.87 for fiscal year 2009. After adjusting for Olympus Diagnostic Systems or ODS dilution effect of $0.08 per share, the company's earnings expectation ranges from $3.85 to $3.95 per share.
On average, seven analysts polled by Thomson Reuters expects the company to report earnings of $3.81 per share for the fiscal 2009. Analysts' estimates typically exclude special items.
Earnings per share for 2010, including ODS, are anticipated to range from $$4.40 to $4.55, based on a share count of 71.3 million and a tax rate of 27% but excluding ODS intangible amortization of $0.24 per share.
For fiscal 2010, the company expects recurring revenue to increase about 7% and cash instrument sales are expected to grow low to mid-single digits based on expectations for a continued weak capital expenditure environment. Revenue from ODS is expected to be in the range of $480 to $500 million, based on current exchange rates.
Analysts currently estimates earnings of $4.56 per share on revenues of $3.76 billion for the fiscal 2010.
Scott Garrett, chairman, president and chief executive officer, said, "Despite broad uncertainties throughout the world economy, the strength of our business model and the accretive affects of our Olympus acquisition position us to achieve mid-teens earnings growth in 2010. While no company is fully insulated from vulnerable and volatile world markets, our stable installed base, which generates solid recurring revenue growth combined with our intensified focus on operating excellence, is expected to drive achievement of our earnings outlook."
The company expects to release its full 2010 outlook on February 11, 2010.
BEC closed Thursday's regular trading at $65.74, down 0.86 or 1.29%, on a volume of 795K shares on the NYSE. In after hours, the stock further declined 0.74 or 1.13%, trading at $65.00.
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