Health Stocks in Motion
By Mark Martinez
TheStreet.com Staff Reporter
10/28/2005 2:57 PM EDT
Invitrogen (IVGN:Nasdaq - commentary - research - Cramer's Take) fell 12% after the company posted third-quarter results that missed expectations by a wide margin and trimmed its full-year guidance. Invitrogen earned $23.9 million, or 42 cents a share, on sales of $289.6 million, for the third quarter. Excluding items, the company would have earned $46.7 million, or 80 cents a share. Analysts expected earnings of 88 cents a share and sales of $307.2 million, A year earlier, the company reported third-quarter adjusted earnings of $43 million, or 76 cents a share, on sales of $256.3 million.
In response to its recent third-quarter results, Invitrogen said "continued softness at our BioReliance unit, coupled with the timing of media orders to large biomanufacturing accounts, made the third quarter a difficult period."
Invitrogen now expects full-year adjusted earnings of $3.42 to $3.45 a share, down from its earlier forecast of $3.50 to $3.53 a share. Sales, meanwhile, are still expected to range from $1.19 billion to $1.195 billion. Analysts' estimates call for earnings of $3.52 a share on sales of $1.2 billion. Shares were trading down $8.43 to $62.35.
|
