Beckman Coulter Inc. (BEC) reported that its third-quarter net earnings were $1.5 million or $0.02 per share, compared to $24.1 million or $0.37 per share in the same quarter last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.84 per share for the quarter. Analysts' estimates typically exclude special items.
Adjusting for special items, related primarily to restructuring charges and acquisition costs, net earnings were $59.2 million, or $0.85 per share, up from $48.0 million or $0.75 per share in the year ago quarter.
Total revenues for the quarter were $822.8 million, compared to $758.8 million in the prior year quarter. Eleven analysts had consensus revenue estimate of $819.14 million for the quarter.
For fiscal 2009, the company expects its total revenue to be roughly flat, or up 0% to 2% in constant currency. Recurring revenue is still expected to grow in the range of 6% to 7% for the year on a constant currency basis, which is supported by the 6.8% actual growth rate we've seen through nine months. Earlier, on a constant currency basis, Beckman Coulter expected 2009 full year revenue growth to be 4% - 6%, driven by recurring revenue growth estimated in the 6% - 7% range.
The company has tightened and raised its stand-alone Beckman Coulter EPS range and now expect it to come in between $3.85 and $3.95 per share.
Analysts expect the company to report earnings of $3.91 per share on revenues of $3.22 billion for fiscal 2009.
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