Bio-Techne Q3 Profit Declines, But Results Beat View - Quick Facts

(RTTNews) - Bio-Techne Corp. (TECH) on Tuesday reported a decline in profit for the third quarter from last year, as higher sales were more than offset by an increase in expenses.

The company's net income for the third quarter decreased to $21.39 million or $0.57 per share from $30.29 million or $0.81 per share in the same quarter last year.

The latest quarter's results were impacted by acquisition-related amortization, contingent consideration fair value adjustments, and other acquisition related costs.

Adjusted earnings per share were $0.97, compared to $1.01 per share in the same quarter last year. On average, 8 analysts polled by Thomson Reuters expected the company to report earnings of $0.93 per share. Analysts' estimates typically exclude special items.

Net sales for the third quarter increased 10 percent to $144.04 million from $130.97 million in the year-ago period. Organic growth was 4 percent compared to the prior year. Analysts had a consensus revenue estimate of $142.74 million.

Bio-Techne also said that its board of directors has decided to pay a dividend of $0.32 per share for the quarter ended March 31, 2017.

The quarterly dividend will be payable June 2, 2017 to all common shareholders of record on May 19, 2017. Future cash dividends will be considered by the board on a quarterly basis.