Bruker Corporation (BRKR) has reported 12.38 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $69 million, or $0.43 a share in the quarter, compared with $61.40 million, or $0.36 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $73.70 million, or $0.46 a share compared with $64.40 million or $0.38 a share, a year ago. Revenue during the quarter went down marginally by 1.65 percent to $470.30 million from $478.20 million in the previous year period. Gross margin for the quarter expanded 264 basis points over the previous year period to 46.86 percent. Total expenses were 83.65 percent of quarterly revenues, down from 85.22 percent for the same period last year. This has led to an improvement of 157 basis points in operating margin to 16.35 percent.
Operating income for the quarter was $76.90 million, compared with $70.70 million in the previous year period.
However, the adjusted operating income for the quarter stood at $92 million compared to $83.70 million in the prior year period. At the same time, adjusted operating margin improved 206 basis points in the quarter to 19.56 percent from 17.50 percent in the last year period.
Frank Laukien, President and Chief executive officer of Bruker, commented: “In the fourth quarter of 2016, Bruker again delivered strong operational and EPS improvements. During the year 2016, Bruker continued to expand gross and operating margins significantly, and delivered strong EPS growth, despite weakness in our European academic and global industrial markets.”
Bruker Corp projects revenue to grow in the range of 1.50 percent to 2.50 percent for the financial year 2017. For financial year 2017, the company forecasts diluted earnings per share to be in the range of $1.05 to $1.09 on adjusted basis.
Operating cash flow drops significantly
Bruker Corporation has generated cash of $130.80 million from operating activities during the year, down 42.93 percent or $98.40 million, when compared with the last year. The company has spent $21.80 million cash to meet investing activities during the year as against cash outgo of $102.40 million in the last year. It has incurred net capital expenditure of $36 million on net basis during the year, up 8.11 percent or $2.70 million from year ago.
The company has spent $27.20 million cash to carry out financing activities during the year as against cash outgo of $168 million in the last year period.
Cash and cash equivalents stood at $342.40 million as on Dec. 31, 2016, up 28.19 percent or $75.30 million from $267.10 million on Dec. 31, 2015.
Working capital increases
Bruker Corporation has recorded an increase in the working capital over the last year. It stood at $746.90 million as at Dec. 31, 2016, up 10.32 percent or $69.90 million from $677 million on Dec. 31, 2015. Current ratio was at 2.42 as on Dec. 31, 2016, up from 2.22 on Dec. 31, 2015.
Cash conversion cycle (CCC) has increased to 89 days for the quarter from 83 days for the last year period. Days sales outstanding went up to 24 days for the quarter compared with 23 days for the same period last year.
Days inventory outstanding has increased to 81 days for the quarter compared with 73 days for the previous year period. At the same time, days payable outstanding went up to 16 days for the quarter from 12 for the same period last year.
Debt increases substantially
Bruker Corporation has witnessed an increase in total debt over the last one year. It stood at $411.70 million as on Dec. 31, 2016, up 54.89 percent or $145.90 million from $265.80 million on Dec. 31, 2015. Total debt was 22.71 percent of total assets as on Dec. 31, 2016, compared with 15.36 percent on Dec. 31, 2015. Debt to equity ratio was at 0.59 as on Dec. 31, 2016, up from 0.36 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
