Illumina posts profit as merger charges come off its books but results, outlook miss view
By APTuesday, October 27, 2009
Illumina turns 3Q profit but outlook weak
SAN DIEGO — Genetic analysis instrument maker Illumina Inc. reported a third-quarter profit on Tuesday, compared with a year-ago period which included hefty acquisition costs. But shares tumbled after-hours as quarterly results and the company’s outlook for the rest of the year missed Wall Street expectations.
Illumina said it earned $17.1 million, or 12 cents per share, compared with a year-ago loss of $10.1 million, or 8 cents per share. Excluding certain one-time charges but including stock-based compensation expenses, its profit came to 17 cents per share in the latest period.
Revenue rose 5 percent to $158.4 million from $150.3 million.
However, analysts were expecting adjusted profit of 20 cents per share and sales of $167.3 million, according to a Thomson Reuters poll.
Illumina Inc. also issued a disappointing fourth-quarter outlook, forecasting adjusted profit including stock-based compensation costs of 17 cents to 18 cents per share, on revenue of at least $165 million. Thomson Reuters says analysts are expecting a larger profit of 27 cents per share and $200.2 million in revenue, on average.
Based on the forecasts, Illumina said its 2009 profit will be 74 to 75 cents per share, excluding certain items, with full-year revenue coming in at at least $651 million. Analysts have estimated 89 cents per share in profit, and $694.8 million in revenue.
Shares of Illumina skidded $8.63, or 20.7 percent, to $33.03 in aftermarket trading, having closed earlier up 64 cents at $41.66.
