Bio-Rad Laboratories (NYSE:BIO) shares are down slightly, but outpacing a general sell-off spurred by fears of a global trade war, after posting first quarter earnings that topped expectations on Wall Street.
The Hercules, Calif.-based company posted profits of approximately $865.2 million, or $28.74 per share, on sales of approximately $554 million for the three months ended March 31, seeing growth of 31.7% on the bottom-line while sales grew 0.4% when compared to the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were $1.65, well ahead of the $1.10 per share consensus on Wall Street where analysts were looking for sales of $549.6 million, which the company also topped.
“We are encouraged by our overall performance for the first quarter, which reflects continued strength in many of our product areas across most geographies. Improvements in our core operating performance during the quarter provide us with good momentum as we head into the rest of the year,” prez & CEO Norman Schwartz said in a press release.
Shares in Bio-Rad are down 1.7% today at $304.01 as of 11:24 a.m. EDT.
In March, the U.S. Court of Appeals for the Ninth Circuit shot down a bid from Bio-Rad to rehear a decision to affirm a loss to a former general counsel in a whistleblower retaliation suit, according to recently released court documents.
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