Beckman Coulter Inc.,just two weeks after announcing disappointing financial results,did an about-face on Tuesday.
The Fullerton maker of medical testing gear revised its second-quarter profit reported last month to reflect a lower tax rate.
Beckman Coulter said profit for the quarter now stands at $52.6 million, up from the $47.7 million initially reported. The increased profit comes from a second-quarter tax rate of 14.6%, instead of the 26.2% tax rate reported in July.
The tax rate change came about from an ongoing analysis of the company’s shift to a new leasing model, which allows its customers to lease its medical gear rather than sign purchase deals, the company said.
The shift also lets Beckman Coulter record revenue during the life of the lease instead of upfront recognition.
The company also revised its guidance for the third quarter and the rest of 2005. Beckman Coulter said it expected to earn $29.7 million to $37.7 million in the third quarter, up from a prior range of $27.8 million to $37.1 million.
For 2005, Beckman Coulter said it expects to post a profit of $170.1 million to $188.6 million for the full year, up from an earlier forecast of $157.7 million to $179.3 million.
A Thomson Financial analysts’ poll expects Beckman Coulter to post a profit of $34 million in the third quarter and $168.2 million in 2005.
Last month, Beckman said it plans to cut 350 jobs as part of a restructuring that includes combining its dominant clinical diagnostics business and its smaller biomedical research unit into one.
