Boosted by a 20.6 percent jump in overall revenues — including $10 million in additional federal stimulus spending — scientific instruments maker Bruker Corp. (NSDQ:BRKR) cruised to a $16.1 million profit during the first three months of 2010.
The 10 cent-per-share first-quarter gain doubled reported earnings per share in the year-ago period and topped consensus analyst estimates for the quarter by 2 cents.
The Billerica, Mass.-based manufacturer of X-ray, MRI and mass spectrometry equipment reported $277.7 million in revenues during the three months ended March 31, up $47.5 million from the $230.2 million in first-quarter revenues posted during 2009. Product sales accounted for most of that growth, expanding $41.8 million from a year ago to $244 million in the current period. First-quarter service revenues also were higher, rising $4.8 million to $31.5 million.
In prepared remarks, Bruker CEO Frank Laukien said the company continues to see gradual improvement in its industrial and applied markets as well as posting double-digit revenue gains across all four operating divisions in its scientific instruments segment. Bruker’s energy and superconductor (BEST) segment — which is being prepped to be spun out as a stand-alone company — likewise recorded strong growth, climbing $12.6 million from year-ago levels to $20.7 million.
The 155 percent increase in BEST revenues marked the second quarter in a row that the soon-to-be independent unit recorded triple-digit growth, Laukien said.