Bruker Corp. managed to side-step the global decline in capital spending during the third quarter, only to have the taxman take a bite out of its net earnings.
The Billerica, Mass.-based lab equipment maker posted sales of $265.1 million during the three months ended Sept. 30, up 9.5 percent compared with $242.1 million during the same period last year.
But net income slid 7.9 percent to $16.4 million, compared with $17.8 million during the 2008 third quarter, largely due to an unfavorable comparison between a one-time tax gain during the year-ago period and income taxes during the just-ended quarter.
President and CEO Frank Laukien said Bruker saw “robust” business from academic and government customers as they spent cash from various governments’ economic stimulus packages. That’s a trend he said the company expects to continue during the fourth quarter and to accelerate during 2010 and 2011.