Techne Corp Q2 Results Miss Estimates - Quick Facts

(RTTNews) - Techne Corp. (TECH) said that its second quarter net earnings declined slightly to $25.06 million or $0.68 per share from $25.36 million or $0.69 per share in the same quarter last year.

But, adjusted earnings for the quarter were $27.84 million or $0.75 per share, up from $27.18 million or $0.74 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.80 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted earnings and adjusted earnings per share exclude intangible asset amortization and costs recognized upon the sale of inventory that was written-up to fair value as part of acquisitions.

Total operating expenses increased to $22.85 million from the prior year's $18.36 million.

Net sales for the quarter increased 11.9% to $84.02 million from last year's $75.08 million. Five analysts estimated revenues of $84.79 million for the quarter. Organic sales increased 0.4% in the quarter. Organic sales exclude sales by Bionostics Holding Limited, which was acquired on July 22, 2013 for net cash of $103 million, and the impact of foreign currency exchange rate fluctuations.

Techne announced that its Board of Directors has decided to pay a dividend of $0.31 per share for the quarter ended December 31, 2013. The quarterly dividend will be payable February 28, 2014 to all common shareholders of record on February 14, 2014.