Millipore earnings dip 3 percent |
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Tue, 31 Jul 2007 22:12
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BILLERICA, Mass. (AP) - Laboratory supplies company Millipore Corp. said Tuesday its second-quarter earnings dropped 3 percent, primarily due to restructuring and integration costs related to an acquisition.For the quarter ended June 30, the company reported net income of $28.4 million, or 52 cents per share, compared with $29.1 million, or 54 cents per share, in the year-ago period.Excluding costs related to the company's manufacturing consolidation, acquisition integration and restructuring expenses related to the acquisition of Serologicals, Millipore reported adjusted net income of $44.4 million, or 81 cents per share, compared with $36.7 million, or 68 cents per share in the second quarter of 2006.Revenue for the quarter rose 40 percent to $383.2 million from $273.8 million the same period last year.Analysts polled by Thomson Financial had estimated earnings per share of 78 cents on sales of $378.1 million. The analysts' estimate excludes the costs related to the company's manufacturing consolidation and acquisition integration.'Our efforts to grow our market share and increase the productivity of our sales organization are taking longer than expected due to our focus on completing the integration,' said Martin Madaus, Millipore chairman and chief executive, in a release. The integration of Serologicals was completed in the second quarter.Shares fell 71 cents to close at $78.61 on Tuesday. The shares fell $1.36 to $77.25 in after-hours trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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