A huge acquisition slashed Beckman Coulter Inc.‘s third-quarter profits by nearly 94 percent, despite revenues increasing by 8.4 percent.
The Orange County, Calif.-based diagnostics equipment maker said a $65.1 million charge from its $800 million buyout of Olympus Corp.’s diagnostics division cut net earnings to $1.5 million ($0.02 per diluted share) during the three months ended Sept. 30, compared with $24.1 million in profits during the same period last year.
Absent the acquisition charges and other restructuring costs, adjusted net earnings were $59.2 million, or $0.85 per fully diluted share, up 13.3 percent compared with Q3 2008.
Beckman Coulter posted third-quarter sales of $822.8 million, up 8.4 percent compared to the third quarter of 2008. President and CEO Scott Garrett said the Olympus deal added 9.6 percent in incremental growth to recurring revenue.
Garrett said the company expects full-year sales to be flat compared with 2008, with recurring revenue growing up to 7 percent, and diluted earnings per share of between $3.85 and $3.95.
