Scientific and technical instrument maker Bruker Corp. (BRKR), Wednesday reported a sharp decline in second quarter profit, as revenues dropped reflecting lower product and service revenues.
For the second quarter, net income attributable to Bruker plunged to $12.9 million or $0.08 per share from $21.7 million or $0.13 per share in the same quarter last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.07 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter was $252.5 million, down 18.9% from $311.5 million in the comparable quarter last year. Analysts expected the company to report revenue of $249.70 million.
Excluding the effect of foreign currency translation, second quarter revenue decreased 11.1% year-over-year.
Product revenues dropped to $222.9 million from $280.3 million, while Service revenues declined to $28.3 million from $30.2 million in the year-earlier quarter.
Operating income was $20.2 million, compared to $28.4 million in the year-earlier quarter. Total operating expenses were $91.0 million, down from $101.2 million in the prior-year quarter.
For the six-month period, net income attributable to Bruker rose marginally to $21.3 million or $0.13 per share from $20.9 million or $0.13 per share in the prior-year period. Revenue was $483.0 million, down from $549.8 million in the year-ago period.
BRKR is currently trading at $9.13, up $0.01 or 0.11%, on a volume of 0.11 million shares.
For comments and feedback: editorial@rttnews.com