Beckman Coulter Inc. (NYSE:BEC) finally started seeing some positive returns from its $800 million buyout of Olympus Corp.’s (OTC:OCPNY) diagnostics division.
The Orange County, Calif.-based diagnostics equipment maker’s top line grew 22 percent, based mostly on increased revenues from the merger. The company reported $990 million in sales during the three months ended Dec. 31, 2009, compared to $811 million during the same period in 2008. Sales directly resulting from the acquisition contributed heavily to the favorable comparison, accounting for $122 million during the quarter.
But the purchase also weighed down Beckman Coulter’s bottom line. Net earnings were $64 million during the fourth quarter, compared to $75 million during the same period in 2008, as the firm spent some $17 million on the acquisition. For the year, those charges added up to more than $131 million.
Beckman Coulter reported $147 million in net income for the full year, compared to $186 million during 2008. Officials blamed the increased acquisition costs for the 21 percent slide.
The company offered guidance for 2010 of between $3.8 billion to $3.9 billion in total revenues, including $480 million to $500 million from Olympus products, and earnings per share of between $4.40 and $4.55.