Sigma-Aldrich's 3Q Net Up 5.1% On Favorable Tax Rate

Date : 10/22/2009 @ 9:17AM
Source : Dow Jones News
Stock : (MM) (SIAL)
Quote : 139.97  0.0 (0.00%) @ 2:05AM

Sigma-Aldrich's 3Q Net Up 5.1% On Favorable Tax Rate

(MM) (NASDAQ:SIAL)
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Sigma-Aldrich Corp.'s (SIAL) third-quarter profit rose 5.1% due to a more favorable tax rate, which offset lower sales and margins at the biochemicals company.

The supplier of chemicals for high-tech research in universities and industry said profit rose to $86.1 million, or 70 cents a share, from $81.9 million, or 64 cents a share, a year earlier. Earnings would have been 80 cents a share without the impact from currency.

Sales fell 1.3% to $533.8 million, but excluding the impact of currency change, sales grew 2.3% organically.

Analysts surveyed by Thomson Reuters were expecting earnings, excluding items, of 67 cents a share on revenue of $532 million.

Gross profit fell to 49.7% from 51.4%.

Organic sales rose 1.4% for the research business and 4.8% for the specialty fine chemicals segment.

Sigma-Aldrich also affirmed its full-year revenue target, seeing organic growth in low-single digits. Profits are expected to exceed $2.70 a share. In July, the company saw profits "slightly above" the $2.65 a share of a year ago.

Sigma-Aldrich shares closed at $55.20 and didn't trade premarket. The stock is up by about a third this year.

-By Mike Barris and John Kell, Dow Jones Newswires; 212-416-2330; mike.barris@dowjones.com;

 
 

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