Bruker Corporation (BRKR) has reported 294.07 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $46.50 million, or $0.29 a share in the quarter, compared with $11.80 million, or $0.07 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $51.70 million, or $0.32 a share compared with $31.60 million or $0.19 a share, a year ago.

Revenue during the quarter went down marginally by 0.56 percent to $393.90 million from $396.10 million in the previous year period. Gross margin for the quarter expanded 473 basis points over the previous year period to 47.02 percent. Total expenses were 88.35 percent of quarterly revenues, down from 92.88 percent for the same period last year. This has led to an improvement of 453 basis points in operating margin to 11.65 percent.

Operating income for the quarter was $45.90 million, compared with $28.20 million in the previous year period.

However, the adjusted operating income for the quarter stood at $58.60 million compared to $52.80 million in the prior year period. At the same time, adjusted operating margin improved 155 basis points in the quarter to 14.88 percent from 13.33 percent in the last year period.
 

Frank Laukien, the President and chief executive officer of Bruker, commented: "During the third quarter of 2016, Bruker again delivered strong operational improvements as well as significant EPS growth, even when the above mentioned tax benefits are excluded. In the first nine months of 2016, Bruker has continued to substantially expand gross and operating margins, and delivered strong EPS growth, despite weakness in European academic and global industrial markets."
 

For financial year 2016, the company projects diluted earnings per share to be in the range of $1.07 to $1.11 on adjusted basis.

Cash flow from investing activities was $18.50 million for the nine month period as against cash outgo of $58.80 million in the last year period. It has incurred net capital expenditure of $25.10 million on net basis during the nine month period, up 13.57 percent or $3 million from year ago period.

The company has spent $53.40 million cash to carry out financing activities during the nine month period as against cash outgo of $1.20 million in the last year period.

Cash and cash equivalents stood at $278.70 million as on Sep. 30, 2016, down 15.80 percent or $52.30 million from $331 million on Sep. 30, 2015.

Working capital remains almost stable
Bruker Corporation has recorded an increase in the working capital over the last year. It stood at $714.10 million as at Sep. 30, 2016, up 0.53 percent or $3.80 million from $710.30 million on Sep. 30, 2015. Current ratio was at 2.29 as on Sep. 30, 2016, up from 2.05 on Sep. 30, 2015.

Cash conversion cycle (CCC) has decreased to 121 days for the quarter from 216 days for the last year period. Days sales outstanding went down to 54 days for the quarter compared with 56 days for the same period last year.

Days inventory outstanding has decreased to 106 days for the quarter compared with 194 days for the previous year period. At the same time, days payable outstanding went up to 39 days for the quarter from 35 for the same period last year.