Thursday, chemicals manufacturer Sigma-Aldrich Corp. (SIAL), reported a higher profit for the third quarter compared to last year, helped mainly by a favorable tax provision. Earnings for the quarter also came in ahead of Street expectations. Looking forward, the company reaffirmed its full year sales guidance , while increasing expected earnings by 5 cents per share.
The St. Louis, Missouri-based company reported that its third-quarter net income increased to $86.1 million or $0.70 per share from $81.9 million or $0.64 per share reported for the third quarter last year.
Proforma net income before negative currency impact was $98.3 million or $0.80 per share, compared with $81.9 million or $0.64 per share last year. On average, eight analysts polled by Thomson Reuters expected the company to report a profit of $0.67 per share for the quarter. Analysts' estimates typically exclude special items.
The company noted that there was a favorable decline in the provision for income taxes to $33.5 million in the third quarter, from $40.8 million reported last year.
The company's third quarter net sales declined 1.3% year-on-year to $533.8 million from $540.6 million. Analysts expected revenues of $531.97 million for the quarter.
Excluding the impact of currency, sales grew 2.3% organically from a year ago, driven by improved sales of Research Biotech products and fine chemicals, helped by the increase in sales of H1N1 vaccine adjuvants to pharma companies.
On the international arena, the company's organic sales grew 8%, with the focus on markets of China, India and Brazil collectively earning 30% more organically in the quarter over the prior-year level.
For the first nine months of 2009, the company reported a decline in net income to $254.1 million from $257.2 million reported last year. Per share earnings, however, increased to $2.06 from $1.98, due to a decline in number of shares outstanding.
The company recorded revenues of $1.58 billion, a 6.8% decline from $1.69 billion for the nine months last year.
Looking forward, the company expects full year 2009 sales to meet its previously forecasted organic growth in low single digits. The company also expects full year earnings to be slightly above $2.70 per share, compared to previous forecast of above $2.65 per share based on sales expectations, cost improvement efforts, lower interest rates and effective tax rate of approximately 30%.
Analysts anticipate the company to earn $2.72 per share on revenues of $2.11 billion for the full year.
SIAL is currently trading at $55.28 up 0.14% on volume of 6.66 thousand shares on the Nasdaq.
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