Bio-Techne Q2 Results Beat Estimates - Quick Facts

(RTTNews) - Bio-Techne Corp. (TECH) on Tuesday reported a decline in profit for the second quarter from last year as a double-digit increase in sales was offset by higher tax benefits in the year-ago period. However, both revenue and adjusted earnings per share beat analysts' estimates.

Net earnings for the second quarter decreased to $17.56 million or $0.45 per share, from $48.85 million or $1.29 per share in the same quarter last year.

The latest quarter's results saw a one-time benefit for tax reform of $0.02 per share, compared to a benefit of $0.94 per share in the prior-year period.

However, adjusted earnings were $1.06 per share, compared to $1.02 per share in the same quarter last year.

Net sales for the quarter increased 13 percent to $174.5 million from $154.1 million a year ago.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.98 per share for the quarter on revenues of $170.19 million. Analysts' estimates typically exclude special items.

Organic growth was 11 percent compared to the prior year, with currency translation having a negative impact of 1 percent and acquisitions contributing 3 percent to revenue growth.

Bio-Techne said its Board of Directors has decided to pay a dividend of $0.32 per share for the quarter ended December 31, 2018.

The quarterly dividend will be payable March 1, 2019 to all common shareholders of record on February 15, 2019. Future cash dividends will be considered by the Board of Directors on a quarterly basis.