Meanwhile, QGENF gets a bit more specific with regard to its warning a few weeks ago. The stock price hasn't moved much in response, because this was largely expected. Probably a good time to buy this one, too, though the foreward multiples aren't nearly as compelling as MDCC's.
>>FRANKFURT, Oct 23 (Reuters) - Qiagen N.V. (NasdaqNM:QGENF - news) , the world's largest maker of kits to purify nucleic acids, is expected to say late on Monday that third-quarter operating profit fell 17 percent, hurt by attacks in the U.S.
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Five analysts polled by Reuters forecast that earnings before interest and tax would fall to $9.8 million, while net profit would slip to $6.2 million.
Qiagen said a rough comparable figure for third-quarter EBIT in 2000 was $11.8 million, based on its own analyst estimates. It is due to restate 2000 figures to include Sawady Group, which it bought in March 2001. Net profit in the quarter last year was about $7.1 million, it said.
Last month Qiagen issued a profit warning saying the hijacked airliner attacks on the World Trade Center and Pentagon halted and then severely disrupted shipments and orders of its kits in the U.S.. Sales in Europe and Japan were also affected.
Scientists do not typically keep large inventories of Qiagen kits but rely on daily deliveries, the company said.
It also said that the warning was solely linked to the attacks as demand for its core consumable products - kits which purify, separate and handle DNA and RNA - had shown no sign of slowing from a growth rate of 25 percent before September 11.
The company also forecast third-quarter sales of $63 million and earnings per share of four cents. It said analysts had previously forecast sales of $72 million and EPS of six cents.
Qiagen had lowered its full-year sales outlook to $270-275 million from $280 million -- again the average analyst forecast, it said. EPS for 2001 would likely be 25-26 U.S. cents instead of 27 cents, it has said.<<
Cheers, Tuck |
