Monday, Qiagen N.V. (QGEN, QIAF), a provider of technologies and products for preanalytical sample preparation, reported a rise in profit for the second quarter, reflecting higher sales due to increased demand and lower expenses. The company also raised its financial outlook for fiscal year 2009.
Net income attributable to the company for the second quarter increased to $30.93 million or $0.15 per share from $23.22 million or $0.11 per share in the previous year. Second-quarter results include restructuring costs of $3.35 million, amortization charges of $11.19 million, share-based compensation of $1.95 million and acquisition related prepaid expenses of $0.84 million.
On an adjusted basis, net income was $48.26 million or $0.24 per share, compared to $40.40 million or $0.20 per share in the prior year quarter.
On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter increased to $240.16 million from $217.89 million last year. Analysts had a common consensus revenue estimate of $232.01 million for the second quarter.
Total operating expenses declined to $112.62 million from $114.06 million a year ago.
For the six-month period, net income increased to $55.61 million or $0.27 per share from $43.56 million or $0.21 per share in the same period of the previous year. Net sales for the period increased to $461.09 million from $424.99 million a year ago.
Looking forward, Qiagen raised its revenue and earnings outlook for the the fiscal year 2009. Revenue estimate for the year raised to the range of $930 million to $970 million from the previous range of $920 million to $970 million. Analysts currently expect the company to report earnings of $959.04 million for the year.
Earnings is currently expected between $0.90 per share to $0.94 per share for the fiscal year 2009. Previously, the company estimated earnings in the range of $0.88 per share to $0.94 per share. Analysts currently estimate earnings of $0.88 per share for the full year.
QGEN closed Monday's regular trading at $18.99, up 0.06 or 0.32%, on a volume of 385K shares on the Nasdaq. In after hours, the stock is up 1.31 or 0.06%, trading at $20.30.
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