Beckman Coulter Inc. on Wednesday reported first-quarter sales and profit prior to charges that exceeded Wall Street’s expectations and upped its outlook for the rest of the year.
Investors responded, sending Beckman’s shares up 7% on Wednesday with a market value of $4.3 billion.
The Fullerton-based maker of medical testing gear and supplies earned $42.6 in the quarter before onetime charges.
Analysts expected Beckman to make $42 million.
Including charges, Beckman’s first-quarter profit was up 16% to $42.9 million.
Beckman’s quarterly revenue grew 19% to $730.5 million, beating Wall Street’s expected $669.4 million.
The company also raised its profit forecast for 2008.
It now expects to make $222.6 million to $228.9 million, up from previous estimates of $219.4 million to $228.9 million.
Analysts on average had expected Beckman to make $225.1 million this year.
Beckman said revenue from its dominant clinical diagnostics business grew 19% in the quarter, while its life science business was up 18%.
International revenue was up 19%, Beckman said, driven by sales hikes of more than 50% in China and other emerging markets.
The company’s performance in clinical diagnostics, along with a surprising life sciences rebound and higher instrument sales should put to rest concerns over customers’ appetite for capital equipment, analyst Jon Wood of Banc of America Securities said in a client note.
