Techne Corp. 2Q profit up 13 percent |
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Tue, 30 Jan 2007 15:42
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MINNEAPOLIS (AFX) - Techne Corp., a maker of medical testing and diagnostic products, on Tuesday said second-quarter profit jumped 13 percent due to strong sales in its biotechnology unit and improved gross margin.Income for the October-December period rose to $18.7 million, or 47 cents per share, from $16.5 million, or 42 cents per share, a year ago. Revenue for the second quarter rose 9.3 percent to $52.5 million from $48 million a year earlier.Analysts polled by Thomson Financial expected the company to post earnings of 48 cents per share for the quarter.Revenue for the company's biotechnology division gained 11.1 percent for the quarter due to increased volume and price increases, the company said, while revenue for the company's BiosPacific operations dropped due to delayed shipments to diagnostic customers.Gross margins improved to 79.6 percent from 77.7 percent.For the six months ended Dec. 31, Techne reported net profit of $38.3 million, or 97 cents per share, compared with $33.5 million, or 84 cents per share, a year earlier. Revenue for the six-month period was $104.9 million, up 9.5 percent from $95.7 million in 2005.Shares of Techne closed at $59.96 on Monday on the Nasdaq Stock Market. Techne shares traded between $45.27 to $61.13 over the past 52-week period.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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