Beckman Coulter Targets Mid-Teens Earnings Growth In 2010
18 December 2009 - 9:11AM
Dow Jones News
Biomedical test-maker Beckman Coulter Inc. (BEC) expects its
earnings to grow in a mid-teens percentage range next year, thanks
in part to August's $800 million acquisition of Olympus Corp.'s
(OCPNY) diagnostic systems business.
The company issued some preliminary forecasts for the coming new
year during its annual business meeting Thursday. Chief Executive
Scott Garrett highlighted long-term goals of growing recurring
revenue by 7% to 9% per year while growing earnings 9% to 12%.
The recurring revenue outlook is a little lower for this year
and next due to the temporary effects of the economic downturn,
said Beckman, which reiterated its guidance for 2009.
On the top line, the company sees 2010 recurring revenue rising
about 7% and cash instrument revenue, the area hurt by the economic
downturn, growing in a low to mid single-digit percentage
range.
The sales-growth projections exclude any impact from currency
rates, and the 2010 forecast excludes the Olympus business, which
is seen contributing $480 million to $500 million.
The company's preliminary earnings forecast, which is adjusted
and doesn't include intangible amortization associated with the
Olympus deal, calls for earnings in a range of $4.40 to $4.55 per
share next year.
Shares of the Orange County, Calif., company were recently
unchanged in after-hours trading after slipping 1.3% to $65.74
during Thursday's regular trading session.
-By Jon Kamp, Dow Jones Newswires; 617-654-6728;
jon.kamp@dowjones.com
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