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Bruker BioSciences Corp. Reports Operating Results (10-Q)

August 09, 2012 | About:
10qk

10qk

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Bruker BioSciences Corp. (BRKR) filed Quarterly Report for the period ended 2012-06-30.

Bruker Corporation has a market cap of $1.94 billion; its shares were traded at around $12.09 with a P/E ratio of 15.3 and P/S ratio of 1.2. Bruker Corporation had an annual average earning growth of 27.4% over the past 10 years. GuruFocus rated Bruker Corporation the business predictability rank of 4.5-star.

Highlight of Business Operations:

For the three months ended June 30, 2012, our revenue increased by $19.5 million, or 4.9%, to $420.7 million, compared to $401.2 million for the comparable period in 2011. Included in this change in revenue is a decrease of approximately $28.7 million from the impact of foreign exchange due to the strengthening of the U.S. Dollar versus the Euro and other foreign currencies and an increase of approximately $6.3 million attributable to our recent acquisitions. Excluding the effect of foreign exchange and our recent acquisitions, revenue increased by $41.9 million, or 10.4%. The increase in revenue on an adjusted basis is attributable to both the Scientific Instruments segment, which increased by $38.4 million, or 10.2%, and the Energy & Supercon Technologies segment, which increased by $0.9 million, or 3.2%. Revenue in the Scientific Instruments segment reflects an increase in sales from many of our core technologies, particularly nuclear magnetic resonance products, mass spectrometry and X-ray. Revenues in the Energy & Supercon Technologies segment increased due to higher demand for low temperature superconducting wire.

For the six months ended June 30, 2012, our revenue increased by $68.1 million, or 9.0%, to $826.3 million, compared to $758.2 million for the comparable period in 2011. Included in this change in revenue is a decrease of approximately $33.5 million from the impact of foreign exchange due to the strengthening of the U.S. Dollar versus the Euro and other foreign currencies and an increase of approximately $10.8 million attributable to our recent acquisitions. Excluding the effect of foreign exchange and our recent acquisitions, revenue increased by $90.8 million, or 12.0%. The increase in revenue on an adjusted basis is attributable to both the Scientific Instruments segment, which increased by $79.8 million, or 11.2%, and the Energy & Supercon Technologies segment, which increased by $8.2 million, or 15.7%. Revenue in the Scientific Instruments segment reflects an increase in sales from many of our core technologies, particularly nuclear magnetic resonance products, mass spectrometry and X-ray. Revenues in the Energy & Supercon Technologies segment increased due to higher demand for low temperature superconducting wire.

Gross profit for the three months ended June 30, 2012 was $188.2 million compared to $183.6 million for the three months ended June 30, 2011. Our gross profit margin for the three months ended June 30, 2012 was 44.7%, compared with 45.8% for the three months ended June 30, 2011. Excluding the effects of acquisition-related inventory and fixed asset charges, amortization of acquisition-related intangible assets and restructuring charges totaling, in the aggregate, $6.4 million and $8.5 million for the three months ended June 30, 2012 and 2011, respectively, gross profit margins decreased to 46.3% for the three months ended June 30, 2012 compared with 47.9% for the three months ended June 30, 2011. Gross profit for the six months ended June 30, 2012 was $378.6 million compared to $345.4 million for the six months ended June 30, 2011. Our gross profit margin for the six months ended June 30, 2012 was 45.8%, compared with 45.6% for the three months ended June 30, 2011. Excluding the effects of inventory and fixed asset charges, amortization of acquisition-related intangible assets and restructuring charges totaling, in the aggregate, $11.4 million and $15.9 million for the six months ended June 30, 2012 and 2011, respectively, gross profit margins decreased to 47.2% for the six months ended June 30, 2012 compared with 47.7% for the six months ended June 30, 2011. Gross profit margins in the three and six months ended June 30, 2012 decreased due to increasing pricing pressure in certain markets, changes in the mix of products sold, and the chemical analysis business contributing lower gross profit margins due to higher production costs. This was partially offset by higher revenues described above, and sales of our newly introduced products, which carry higher gross margins than our previous generations of products.

Income from operations for the three months ended June 30, 2012 was $22.1 million, resulting in an operating margin of 5.3%, compared to income from operations of $38.7 million, resulting in an operating margin of 9.6%, for the comparable period in 2011. Income from operations for the six months ended June 30, 2012 was $56.5 million, resulting in an operating margin of 6.8%, compared to income from operations of $64.4 million, resulting in an operating margin of 8.5%, for the comparable period in 2011. Included in income from operations are various charges for inventory write-downs, amortization of acquisition-related intangible assets and other acquisition-related costs, legal and other professional service fees related to our internal FCPA investigation, and restructuring and relocation costs totaling, in the aggregate, $10.9 million and $11.6 million for the three months ended June 30, 2012 and 2011, respectively, and $20.1 million and $21.7 million for the six months ended June 30, 2012 and June 30, 2011, respectively. Excluding these charges, operating margins were 7.8% and 12.5% for the three months ended June 30, 2012, respectively, and 9.3% and 11.4% for the six months ended June 30, 2012, respectively. Operating margins decreased due in part to increasing pricing pressure in certain markets and changes in the mix of products sold, resulting in lower gross profits as well as higher operating expenses.

For the three months ended June 30, 2012, our revenue increased by $19.5 million, or 4.9%, to $420.7 million, compared to $401.2 million for the comparable period in 2011. Included in this change in revenue is a decrease of approximately $28.7 million from the impact of foreign exchange due to the strengthening of the U.S. Dollar versus the Euro and other foreign currencies and an increase of approximately $6.3 million attributable to our recent acquisitions. Excluding the effect of foreign exchange and our recent acquisitions, revenue increased by $41.9 million, or 10.4%. The increase in revenue on an adjusted basis is attributable to both the Scientific Instruments segment, which increased by $38.4 million, or 10.2%, and the Energy & Supercon Technologies segment, which increased by $0.9 million, or 3.2%. Revenue in the Scientific Instruments segment reflects an increase in sales from many of our core technologies, particularly nuclear magnetic resonance products, X-ray and mass spectrometry. Revenues in the Energy & Supercon Technologies segment increased due to higher demand for low temperature superconducting wire.

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