Beckman Coulter Inc. (NYSE:BEC) reaffirmed its 2010 guidance after posting sales and earnings increases during the third quarter.
The Orange County, Calif.-based medical device and diagnostics maker reported net earnings of $67.0 million, or 95 cents per share, on sales of $893.8 million during the three months ended Sept. 30. That compares with earnings of $1.5 million, or 2 cents per share, on sales of $822.8 million during the same period last year.
But don’t let that 4,366 percent bottom-line spike fool you. After adjusting for a restructuring effort, the integration of its $800 million buyout of Olympus Corp.’s diagnostics division and amortization of some Olympus assets, adjusted diluted EPS were $1.00 per share, up 12.4 percent from 89 cents per adjusted diluted share during Q3 2009.
Interim president and CEO Bob Hurley said the company is standing by its previous sales guidance for 2010, at $3.65 billion to $3.70 billion, “including $480 to $500 million from Olympus products.”
“Our expectation for constant currency recurring revenue growth remains at about 5%, excluding Olympus, and should be comprised of about 1% growth in the U.S. and around 9% growth in International markets,” Hurley said in prepared remarks.