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Bruker (BRKR) Q2 Earnings & Revenues Beat Estimates, View Up

Bruker Corporation BRKR reported adjusted earnings per share (EPS) of 23 cents in the second quarter of 2017, up 15% from the year-ago figure. Adjusted EPS also beat the Zacks Consensus Estimate of 20 cents.

Excluding one-time adjustments, Bruker reported net income of $23.4 million or 15 cents per share in the second quarter, reflecting a 61.4% or 66.7% increase, respectively, from the year-ago quarter.

Revenues in Detail

Bruker reported revenues of $414.9 million in the second quarter, up 11.6% year over year. The top line surpassed the Zacks Consensus Estimate of $381 million. Excluding a 5.8% positive effect from acquisitions and a 1.8% negative effect from changes in foreign currency rates, Bruker reported a year-over-year organic revenue growth of 7.6% in the second quarter of 2017.

Geographically and currency adjusted, European revenues increased in the high single digits in the second quarter, backed by encouraging impacts of acquisitions. North America revenues increased in the low-single digits, led by growth in BEST along with the OST acquisition. In Asia Pacific, organic revenues rose by roughly 20%, driven by continued strong performance in China.

Per management, the company registered organic revenue growth based on mid-teens growth in CALID Group and strength in BEST.

Bruker Corporation Price, Consensus and EPS Surprise

The Bruker BioSpin Group reported mid single-digit revenue growth, led by growing uptake of lower-field NMR (Nuclear magnetic resonance).

The Bruker NANO reported declining year-over-year organic revenues in the second quarter, mainly due to lower revenues from semiconductor metrology products.

The Bruker CALID Group reported a year-over-year mid-teens revenue growth in second-quarter 2017. The upside was largely driven by increased rapifleX revenue and strong performances in consumables and aftermarket service sales.

BEST revenues rose a substantial 43% organically on a year-over-year basis, backed higher MRI OEM consumer demand and the Bruker-OST acquisition in Nov 2016.

Margin Trend

Gross margin in the reported quarter contracted 150...