Tuesday, analytical instrumentation and chemical company Dionex Corp. (DNEX), posted a modest decrease in profit for the second quarter on higher operating costs, despite an increase in revenue. The company also provided its guidance for the third quarter, while revising full year forecast.
Dionex's second-quarter profit decreased to $16.58 million or $0.92 per share from $17.02 million or $0.93 per share a year ago. Results for the quarter included a one-time charge of approximately $0.70 million, net of tax, related to the write-up of inventory in the acquisition of the ESA Life Sciences Tools business and a discrete tax benefit of approximately $0.90 million related to a favorable tax audit outcome.
Analysts polled by Thomson Reuters expected earnings of $0.88 per share for the quarter. Analysts' estimates typically exclude one-time items.
Net sales increased 6% to $109.2 million from $103.0 million last year, above analysts estimate of $108.90 million. Currency fluctuations increased second-quarter sales by $7.5 million or 7% this quarter, compared to the year ago, while sales from the ESA acquisition added an additional $4.1 million to consolidated sales for the quarter.
The company said that it met with higher global demand for its environmental, life sciences, food, beverage and electronics products. It also reported a low-single digit sales growth in ion chromatography during the quarter as North America and Europe continued to be difficult markets, offset by growth in the Asia/Pacific segment.
Operating expenses increased to $48.15 million from $43.65 million due to the effect of currency fluctuations, the on-going expenses associated with the ESA business, acquired in September, and costs related to Oracle implementation in Europe. Selling, general and administrative expenses rose to $40.50 million from $36.20 million and R&D costs increased to $7.65 million from $7.45 million.
For the six-month period, Dionex net income decreased to $26.91 million or $1.49 per share from $28.84 million or $1.57 per share a year ago. Sales for period decreased to $199.82 million from $196.47 million.
Looking ahead, Dionex said it expects third-quarter earnings of $0.90 to $0.93 per share, on net sales between $109 million and $113 million. Analysts currently expect third-quarter earnings of $0.86 on revenue of $105.98 million.
For the full year, the company raised its revenue guidance to a range of $413 million to $420 million and earnings in the range of $3.15 to $3.23 per share. Analysts currently expect full-year earnings of $3.70 on revenue of $437.00 million for the year.
DNEX closed Tuesday's regular trading at $66.04, up $0.03 or 0.05%, on the Nasdaq. In the after hours, the stock further gained $0.83 or 1.26% to trade at $66.87.
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