Sigma-Aldrich Q2 Profit Rises
Sigma-Aldrich Tuesday reported a better-than-expected rise in second-quarter profit, as demand for its specialty chemicals lifted revenues by 15% from the prior-year quarter. The company also reaffirmed its adjusted earnings outlook for the full year.
The St. Louis, Mo.-based company earned $113 million or $0.91 per share for the quarter, compared to $97 million or $0.79 per share last year.
Excluding items, adjusted earnings for the quarter were $115 million or $0.93 per share, compared to $99 million or $0.81 per share last year.
On average, 12 analysts polled by Thomson Reuters expected earnings of $0.92 per share for the quarter. Analysts' estimates typically exclude special items.
Quarterly sales rose 15% to $637 million from $554 million last year. Wall Street analysts expected revenues of $621.17 million.
On an organic basis, sales improved 6%. Among segments, Research business grew organically by 4%, led by the Asia Pacific-Latin America region. Sales for the Sigma-Aldrich Fine Chemicals business achieved organic growth of 10%, led by double-digit improvement in bioscience and high tech products.
Looking ahead to fiscal year 2011, the company reaffirmed its adjusted earnings outlook of $3.60 to $3.75 per share.
Street analysts currently expect earnings of $3.70 per share for the full year.
The company also reiterated that its organic sales growth is expected to be in the mid-single digit range for 2011.
