Shares of Bruker Corp. (BRKR) declined more than 9 percent in extended trade Thursday after the scientific equipment maker's results for the first quarter declined and missed analysts' estimates. The company also lowered its financial outlook for fiscal 2013, citing weakness in the Japanese yen.
The Massachusetts-based company's profit for the first quarter declined 64 percent from last year as revenue was adversely affected by changes in foreign exchange rates, primarily due to a steep drop in the Japanese yen. The company's business in Japan represents about 10 percent of its total revenue.
Frank Laukien, President and CEO of Bruker said, "Our first quarter performance was adversely affected by changes in foreign exchange rates, weakness in the semiconductor and data storage industries, and temporary operational issues. While we are disappointed with our slow start to the year, our first quarter bookings grew year-over-year, and we believe we can regain momentum in the remaining quarters of 2013."
Bruker's first-quarter net income was $5.4 million or $0.03 per share, down from $15.1 million or $0.09 per share in the prior-year period.
Adjusted net income for the quarter was $13.4 million or $0.08 per share, compared to $23.8 million or $0.14 per share in the previous-year quarter. On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.15 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter declined 3 percent to $393.4 million from $405.6 million in the year-ago period. Analysts had a consensus revenue estimate of $417.04 million.
Looking ahead to fiscal 2013, Bruker lowered its outlook for adjusted earnings per share by $0.08, to a range of $0.80 to $0.83. The company now forecasts revenues growth rate to decline by 2 percent to a range of 2 to 3 percent. Analysts expect the company to report earnings of $0.91 per share for the year on revenues of $1.87 billion.
BRKR closed Thursday's regular session at $17.37, down $0.08 or 0.46 percent on a volume of 1.05 million shares. In after-hours, the stock further declined $1.62 or 9.33 percent to $15.75.
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