Bio-Rad Laboratories, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net sales of $499,672,000 against $486,277,000 for the same period a year ago. These results include $6.2 million of sales resulting from the company's acquisition of AbD Serotec in January 2013. Income from operations was $33,554,000 against $54,366,000 for the same period a year ago. Income before income taxes was $22,449,000 against $46,179,000 for the same period a year ago. Net income attributable to company was $19,499,000 or $0.68 per basic and diluted share against $31,005,000 or $1.09 per diluted share for the same period a year ago. Net cash provided by operating activities was $20,500,000 against $35,260,000 a year ago. The lower net income in the first quarter of 2013 compared with the first quarter of 2012 reflected lower gross profit, higher relative SG&A expenses largely due to employee expenses associated with acquisitions and its investment in new systems, as well as a decrease in other income due to higher realized gains on the sale of equity investments in the first quarter of 2012. These results were somewhat offset by a lower tax rate due to the retroactive reinstatement of the 2012 U.S. research & development tax credit. While first-quarter sales growth was slow, the company’s outlook for the remainder of the year is cautiously optimistic. As the company looks to the full year for 2013, it is cautiously optimistic of achieving the currency-neutral sales growth guidance of 3% to 3.5% for the base business that provided in February. With the addition of the new antibody business, currency-neutral top line growth for the year could be 3.5% to 4%. Given the growth and operating margin results of the first quarter and the expectation that the newly acquired Serotec business will be dilutive to operating profit of around $10 million for the full year, it is revising annual operating margin guidance from the original 11% to 11.5% range to a new expectation of around 10%. Again, with the caution that incremental headwinds to the top line could in turn make a double-digit operating margin hard to achieve for the full year. The company expects the effective tax rate to be 27% to 29%. Full year expectation for CapEx remains in the $140 million to $150 million range as the company continues to invest in ERP and e-commerce improvements.

Bio-Rad Laboratories, Inc. announced that they will report Q1, 2013 results at 5:00 PM, Eastern Standard Time on May 07, 2013

Bio-Rad Laboratories, Inc., Q1 2013 Earnings Call, May 07, 2013