Bruker reports 20.5% increase in revenue for first-quarter 2010

Bruker Corporation (NASDAQ: BRKR) today reported financial results for the first quarter ended March 31, 2010.

Financial Results

In the first quarter of 2010, Bruker's revenue was $277.7 million, an increase of 20.5% compared to revenue of $230.5 in the first quarter of 2009. Excluding the effects of foreign currency translation, first quarter 2010 revenue increased by 12.4% year-over-year. In the first quarter of 2010, GAAP revenue increased by 16.4% year-over-year for the Bruker Scientific Instruments (BSI) segment, and by 156% year-over-year for the Bruker Energy & Supercon Technologies (BEST) segment.

Bruker's operating income in the first quarter of 2010 was $26.9 million, compared to $14.3 million in the first quarter of 2009. GAAP operating margin for the BSI segment in the first quarter of 2010 was 10.6%, compared to 7.2% in the first quarter of 2009.

Bruker's GAAP net income for the first quarter of 2010 was $16.1 million, or $0.10 per diluted share, compared to net income of $8.4 million, or $0.05 per diluted share, in the first quarter of 2009. Included in Bruker's earnings per share (EPS) for the first quarter 2010 was non-cash stock-based compensation expense of ($0.01) per diluted share, the same as in the first quarter of 2009. EPS for the BSI segment in the first quarter of 2010 was $0.10, compared to $0.06 in the first quarter of 2009. EPS for the first quarter of 2010 for the BEST segment was $0.00, compared to a loss of ($0.02) in the first quarter of 2009.

Bruker cash flow from operations for the first quarter 2010 was $5.5 million, compared to $13.1 million in the first quarter of 2009. Bruker ended the first quarter of 2010 with cash, cash equivalents and restricted cash of $206.6 million, and net cash of $73.4 million.

Comment and Outlook

Frank Laukien, President and CEO, commented: "We are very pleased with our first quarter 2010 results, with strong year-over-year revenue growth and significant improvements in gross and operating margins. All four operating divisions in our BSI segment delivered double-digit growth year-over-year, and our BEST segment had triple-digit growth for the second quarter in a row. The industrial and applied markets continued to improve gradually during the first quarter, and overall we recorded healthy new order bookings, including more than $10 million in additional U.S. stimulus orders, all of which contributed to strong backlog at the end of the first quarter."

SOURCE Bruker Corporation