Bio-Techne Q2 Results Top Estimates; Declares Dividend - Quick Facts

(RTTNews) - Life sciences company Bio-Techne Corp. (TECH) reported Tuesday that second-quarter net earnings attributable to the company surged to $80.17 million or $1.94 per share from $46.27 million or $1.15 per share in the prior-year quarter.

Excluding items, adjusted earnings were $1.88 per share, compared to $1.62 per share in the year-ago quarter.

Net sales for the quarter increased 20 percent to $269.28 million from last year's $224.25 million. Organic revenue increased 17 percent, with acquisitions contributing 3 percent and foreign currency exchange having an immaterial impact.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.79 per share on revenues of $266.57 million for the quarter. Analysts' estimates typically exclude special items.

Separately, Bio-Techne 's Board of Directors decided to pay a dividend of $0.32 per share for the quarter ended December 31, 2021, payable on February 25, 2022 to all common shareholders of record on February 11, 2022.

The company also announced today that its board of directors has approved a new share repurchase program authorizing the repurchase of up to $400 million of common stock. The new share repurchase program begins February 2, 2022 and replaces the previous program.