The Billerica, Mass.-based company reported profits of $54.3 million, or 35¢ per share, on sales of $511.4 million for the three months ended Sept. 30, for a bottom-line loss of -11.4% sales loss of -1.9% compared with Q3 2019.
Adjusted to exclude one-time items, earnings per share were 42¢, 19¢ ahead of The Stree, where analysts were looking for sales of $485.3 million.
“We are navigating a challenging environment, with some academic and industrial customers still negatively impacted by the pandemic. We are nonetheless pleased with our strengthened financial performance in the third quarter, as our non-GAAP operating margin and non-GAAP EPS improved significantly compared to the first two quarters of 2020 and approached our third quarter 2019 levels,” president and CEO Frank Laukien said in a news release.
“Bruker remains committed to the safety of our employees and to supporting our customers, while we continue to invest in our Project Accelerate initiatives and operational excellence. Our biopharma, diagnostics and proteomics initiatives are all doing very well, and we anticipate that Bruker will return to healthy revenue growth and margin expansion in 2021.”
Bruker said its 2020 financial guidance will remain suspended due to the ongoing COVID-19 pandemic. The company expects the pandemic and related economic slowdown to continue to have a negative year-over-year impact on its fourth-quarter financial results.
Shares in BRKR were down -0.84% to $43.66 apiece in mid-morning trading.