NEW YORK – Brooker (NASDAQ:) Corporation (NASDAQ:BRKR) reported first-quarter earnings that beat analysts’ expectations for adjusted earnings per share (EPS), but the company’s revenue missed estimates.
For the first quarter of 2024, the scientific instruments maker posted adjusted earnings per share of $0.53, which was $0.07 above analysts’ consensus estimate of $0.46. However, revenue for the quarter was $721.7 million, missing the consensus estimate of $729.92 million.
Despite the revenue shortfall, the company’s financial performance showed growth of 5.3% compared to the same quarter last year, with organic revenue growth of 1.6% year-on-year (YoY). Constant exchange rate (CER) revenues also grew by 5.5% year-on-year. B
ruker President and CEO Frank H. Laukin expressed satisfaction with the quarter’s results, highlighting continued organic revenue growth and strong demand for the company’s products and solutions.
Looking ahead, Bruker updated its 2024 guidance, raising its revenue forecast to $3.29 billion to $3.35 billion, up $60 million from its previous guidance and suggesting reported growth of 11% to 13% YoY. The company maintained its organic revenue growth forecast at 5% to 7% YoY and raised its CER revenue growth guidance to 12% to 14% YoY, taking into account the closed acquisitions of Chemspeed and ELITech.
Adjusted fiscal 2024 earnings per share guidance was also raised to $2.79 to $2.84, up $0.08 from the previous forecast, excluding the potential impact of the pending NanoString acquisition.
The company’s updated fiscal 2024 revenue guidance is slightly above analysts’ consensus estimate of $3.28 billion, while the midpoint of the adjusted EPS guidance range of $2.815 is above the consensus estimate of $2.71.
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Dr. Laukien also announced the recent closing of the ELITech acquisition, which he expects to have a positive impact on the company’s consumables revenue, organic revenue CAGR, and adjusted operating margin and earnings per share. However, the company’s first-quarter operating results and bullish guidance do not include the expected EPS-dilutive acquisition of NanoString, which is expected to close in the second quarter of 2024.
Bruker’s first quarter results and forward-looking guidance reflect the company’s strategic acquisitions and its ability to navigate a challenging global market environment. As the company continues to integrate its recent acquisitions and awaits the closing of the NanoString deal, investors and analysts will likely be closely watching Bruker’s ability to maintain its growth trajectory and manage its expanding portfolio.
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