Life science company Millipore Corp. (MIL) reported Tuesday a rise in profit for the fourth quarter, helped by a 7% increase in revenues. Both revenues and adjusted earnings per share also came in above expectations.
Billerica, Massachusetts-based Millipore's net income attributable to the company for the fourth quarter was $43.92 million or $0.78 per share, up from $31.11 million or $0.56 per share in the year-ago quarter. Non-GAAP net income rose to $56.60 million or $1.00 per share from $52.73 million or $0.95 per share in the fourth quarter last year.
The company noted that the year earlier figures have been adjusted as the company adopted new accounting standards related to convertible debt and reporting and disclosure of non-controlling interest in consolidated subsidiaries.
On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.94 per share for the quarter. Analysts' estimates typically exclude one-time items.
Revenues for the quarter increased to $426.01 million from $396.75 million in the prior-year quarter. Analysts expected revenues of $421.56 million for the quarter.
Excluding a 5% benefit from changes in foreign currency, the company's organic revenue growth for the recent fourth quarter was 2%, the company noted. The company's fourth quarter revenue growth was adversely affected by six fewer days in the quarter compared to the fourth quarter last year, Millipore added.
For the current quarter, on a divisional basis, the company's major revenue contributing segment, Bioprocess revenues rose 9% to $232.0 million from $213.5 million last year. Bioscience revenue for the quarter was $194.0 million, up 6% from $183.3 million a year earlier. Millipore noted that excluding changes in foreign currency, its Bioprocess division generated organic revenue growth of 4% and Bioscience division revenues were unchanged from the previous year.
On the basis of geography, Asia/Pacific revenues recorded highest percentage growth of 15% to $93 million. Revenues from Europe were up 11% to $172.5 million, emerging as the major revenue contributing zone. Americas revenues grew by 1% to $160.5 million from $159.6 million last year.
In the sequentially preceding third quarter, net income available to the company increased to $39.66 million or $0.71 per share, up from $37.80 million or $0.68 per share a year ago. Excluding items, adjusted earnings rose to $53.12 million or $0.95 per share from $52.03 million or $0.93 per share in the same period last year. Revenues rose 4% to $411.87 million from $395.01 million a year ago.
For the full year 2009, the company's net income attributable to shareholders rose to $177.00 million or $3.15 per share from $137.60 or $2.47 per share in the same period last year. Non-GAAP net income attributable to shareholders was $224.71 million or $4.00 per share, up from $200.06 million or $3.59 per share a year earlier.
Analysts expected Millipore to post earnings of $3.94 per share for the full year.
Full year revenues rose 3% to $1.65 billion from $1.60 billion last year. Eleven analysts had expected the company to report revenue of $1.65 billion.
Commenting on the company's growth opportunities, Martin Madaus, Chairman and Chief Executive Officer said, "Our R&D spending increased by 12 percent in 2009; we successfully launched a number of innovative products; we initiated collaborations with several important technology partners; and we completed four acquisitions. All of these initiatives put us in a strong position and as we look ahead to 2010, we are confident in our ability to deliver attractive revenue growth, margin expansion, and strong cash flow. We expect our Bioprocess Division will benefit from continued demand from our global biotechnology customers, while our Bioscience Division will deliver improved performance as its end markets recover and it sees higher contributions from new products."
Tuesday, MIL closed at $72.01, up $1.98 or 2.83% on a volume of 0.59 million shares on the NYSE. In the past 52 weeks, the stock trended in a range of $50.91 - $74.51, with a three-month average volume of 0.31 million shares.
For comments and feedback: editorial@rttnews.com