On November 2, 2023, Bruker Corp (BRKR, Financial) announced its financial results for the third quarter and the first nine months of 2023. The company reported Q3 2023 revenues of $742.8 million, a 16.3% increase compared to the same period in 2022. The organic revenue growth was 10.9% YoY. The company's GAAP EPS for Q3 2023 was $0.60, while the non-GAAP EPS was $0.74, marking a 12.1% YoY increase.
Financial Performance
Bruker Corp (BRKR, Financial) reported a 16.1% YoY increase in Q3 2023 Bruker Scientific Instruments (BSI) revenues, which reached $676.3 million. The Bruker Energy & Supercon Technologies (BEST) revenues for the same period were $70.6 million, marking a 19.1% YoY increase.
The GAAP operating income for Q3 2023 was $124.5 million, a decrease of 5.2% compared to the same period in 2022. The non-GAAP operating income for Q3 2023 was $148.3 million, a 3.6% YoY increase.
For the first nine months of 2023, the company's revenues were $2.11 billion, a 15.8% increase from the same period in 2022. The GAAP operating income for the first nine months of 2023 was $333.4 million, while the non-GAAP operating income was $391.8 million, up 9.8% YoY.
CEO Commentary
Bruker continues to deliver excellent growth, with three consecutive quarters of double-digit organic revenue growth year-to-date in 2023. We anticipate high-single digit organic revenue growth in the fourth quarter of 2023, which puts us on track for three consecutive years of double-digit organic revenue growth in 2021-2023. This year, Bruker has demonstrated great resiliency in difficult market conditions, with industry-leading organic revenue growth of 13.9%, and non-GAAP EPS growth of 17.5% in the first nine months of 2023. Given our strong year-to-date financial results, solid backlog, and positive outlook for the fourth quarter, we are raising our organic revenue growth guidance for FY 2023 again, by 150 bps at the midpoint.” - Frank H. Laukien, Bruker’s President and CEO
FY 2023 Outlook
For FY 2023, Bruker Corp (BRKR, Financial) is increasing its revenue guidance to a range of $2.88-$2.91 billion, up from the prior outlook of $2.85-$2.90 billion. The company now expects FY 2023 non-GAAP EPS of $2.48-$2.53, or 6%-8% YoY growth.
Explore the complete 8-K earnings release (here) from Bruker Corp for further details.
