Invitrogen's 2nd-Quarter Profit Doubles on 13 Percent Revenue Growth
CARLSBAD, Calif. (AP) -- Invitrogen Corp., which makes kits that researchers use in gene cloning, said late Wednesday its second-quarter profit doubled on higher revenue from its cell biology and culture systems.
The company earned $40.9 million, or 62 cents per share, compared with a profit of $19.7 million, or 35 cents per share, during the same period a year prior. Revenue rose 13 percent to $321.7 million from $285.4 million.
Excluding acquisition-related costs of about 38 cents per share and stock-option expensing of about 15 cents per share, the company said it earned $1.15 per share. Analysts polled by Thomson Financial expected profit of 76 cents per share, excluding acquisition-related costs, but including stock-option expenses.
Biodiscovery revenue rose 10 percent to $223 million during the quarter. That unit sells assays, labeling and detection products for cell biology.
Cell culture systems revenue rose 20 percent to $99 million.
The company recently completed a previous $500 million buyback program and authorized another $500 million stock buyback program. |
