ST. LOUIS, July 30, 2015 /PRNewswire/ --
HIGHLIGHTS:
Q2 2015 Results (all changes are against the comparable
period in 2014)
- Reported sales were $697
million compared to $701
million in the second quarter of 2014. Sales grew
organically by 8%, and changes in foreign currency exchange rates
decreased sales by 9%. Recent acquisitions increased sales by
1%.
- By business unit, organic sales growth was 6% in Research,
8% in Applied and 11% in SAFC Commercial.
- Reported diluted EPS was $0.98
compared to $1.11 in the second
quarter of 2014. Adjusted diluted EPS (excluding $4 million of pre-tax merger-related costs in the
second quarter of 2015) was $1.01. Changes in foreign currency exchange
rates reduced second quarter 2015 adjusted diluted EPS by
$0.17. Excluding this impact,
adjusted diluted EPS would have been $1.18, an increase of 6% from the comparable
period last year.
First Six Months of 2015 Results (all changes are against the
comparable period in 2014)
- Reported sales were $1.37
billion compared to $1.39
billion. Sales grew organically by 7%, and changes in
foreign currency exchange rates decreased sales by 9%. Recent
acquisitions increased sales by 1%.
- By business unit, organic sales growth was 4% in Research,
7% in Applied and 10% in SAFC Commercial.
- Reported diluted EPS was $2.02
compared to $2.16. Adjusted
diluted EPS (excluding $7 million of
pre-tax merger-related costs in the first half of 2015) was
$2.06 compared to $2.17. Changes in foreign currency exchange
rates reduced first six months of 2015 adjusted diluted EPS by
$0.30. Excluding this impact,
adjusted diluted EPS would have been $2.36, an increase of 9% from the comparable
period last year.
CEO's STATEMENT:
Commenting on performance in the second quarter of 2015,
President and CEO Rakesh Sachdev
said, "We delivered a strong quarter with contributions from all
business units and geographies. The 8% organic sales growth
in the quarter speaks well of the focus and dedication of
Sigma-Aldrich employees on successfully executing the Company's
customer-centric strategies."
Mr. Sachdev continued, "We are excited about the opportunity to
join forces with Merck KGaA of Darmstadt, Germany. We
continue to work toward closing the transaction mid-year."
Q2 2015 RESULTS:
Reported sales for the second quarter of 2015 were $697 million, essentially flat from the same
quarter in 2014. Organic sales growth in the quarter was 8%,
but changes in foreign currency exchange rates reduced sales by
9%. Acquisitions increased sales by 1%.
Reported sales of the Research business unit ($340 million in sales, 49% of overall sales)
declined by 5% from the second quarter of 2014 due to an 11%
reduction in reported sales caused by changes in foreign currency
exchange rates. Organic sales growth was 6%. All three
segments (Academic/Government/Hospitals, Pharma and Dealers) and
all major geographies (Total Americas, EMEA and APAC) contributed
to organic sales growth during the quarter.
Reported sales of the Applied business unit ($178 million in sales, 25% of overall sales)
increased 3% compared to the second quarter of 2014. Organic
sales growth was 8%, but changes in foreign currency exchange rates
reduced sales by 10%. Sales related to the recent acquisition
of Cell Marque increased sales by 5%. Both segments (Diagnostics
& Testing and Industrial) and all major geographies contributed
to organic sales growth during the quarter.
Reported sales of the SAFC Commercial business unit
($179 million in sales, 26% of
overall sales) grew 4% over the second quarter of 2014.
Organic sales growth was 11%, but changes in foreign currency
exchange rates reduced sales by 7%. Organic sales growth was
led by double-digit growth in the Life Sciences Services segment
and high-single digit growth in the Life Sciences Products
segment.
Adjusted operating income in the second quarter of 2015
(excluding merger-related expenses) declined by $12 million over the same period last year.
Adjusted operating income margin was 24.8%, a 160 basis point
decline from last year. Changes in foreign currency exchange
rates reduced adjusted operating income by $28 million, net of hedging. Excluding this
impact, adjusted operating income margin would have been 26.4%,
substantially in line with the same period last year.
The adjusted effective tax rate for the second quarter of 2015
was 29% compared to 28% in the same period last year. The
higher effective tax rate for the second quarter of 2015 was
primarily due to an increased mix of profits in higher tax rate
jurisdictions.
OTHER INFORMATION:
Cash Flow and Debt: For the first six months
of 2015, net cash provided by operating activities was $307 million compared to $287 million in the same period in 2014.
Capital expenditures in the first six months of both 2015 and 2014
were $55 million. Free cash
flow for the first six months of 2015 was $252 million, of which $55
million was returned to shareholders through
dividends. The Company's debt to capital ratio was 8% at
June 30, 2015 compared to 12% at
December 31, 2014.
Conference Call Information: In light of the
announced transaction with Merck KGaA, the Company will no longer
hold a conference call to review quarterly earnings results.
The transaction with Merck KGaA, which the parties continue to work
toward closing mid-year 2015, is subject to customary closing
conditions, including regulatory approvals. Pursuant to its
terms, the Merger Agreement between Merck KGaA and Sigma-Aldrich
Corporation has been extended to December
22, 2015, to enable the parties to finalize the satisfaction
of the remaining conditions to closing of the transaction.
Cautionary Statement: This release contains
forward-looking statements. Such statements involve risk and
uncertainty, including financial and business environment risks and
projections. Such statements include those preceded or
followed by, or including the words, "continue," "expect," or
similar expressions, and other statements contained herein
regarding matters that are not historical facts.
Additionally, this release contains forward-looking statements
relating to certain acquisitions and transactions, future
performance, goals, strategic actions and initiatives and similar
intentions and beliefs, including, without limitation, statements
with respect to the Company's expectations, goals, beliefs,
intentions and the like regarding future sales, earnings, return on
equity, return on invested capital, cost savings, process
improvements, free cash flow, share repurchases, capital
expenditures, acquisitions and other matters. These
statements are based on assumptions regarding the Company's
operations, investments and acquisitions and conditions in the
markets the Company serves. While the Company believes these
statements are reasonable, such statements are subject to risks and
uncertainties, including, among others, certain economic, political
and technological factors. Actual results could differ
materially from those stated or implied in this release, due to,
but not limited to, such factors as (1) successfully completing our
proposed transaction with Merck KGaA, which is dependent upon
and/or may be affected by a number of factors, including, without
limitation, the timely receipt of regulatory approvals required for
the transaction, (2) potential disruption to our business occurring
during the period between the announcement of the merger agreement
with Merck KGaA and the closing of the transaction, (3) global
economic conditions and other factors affecting the
creditworthiness of our customers around the world, (4) changes in
pricing and the competitive environment and the global demand for
the Company's products, (5) changes in foreign currency exchange
rates, (6) changes in research funding and the success of research
and development activities, (7) failure of planned sales
initiatives in our Research, Applied and SAFC Commercial business
units and global supply chain efficiency improvements, (8)
dependence on uninterrupted manufacturing operations and a global
supply chain, (9) changes in the regulatory environment in which
the Company operates, (10) changes in worldwide tax rates or tax
benefits from domestic and international operations, including the
matters described in Note 12 – Income Taxes, to the Company's
consolidated financial statements included in Item 8 of Part II of
the Company's Annual Report on Form 10-K for the year ended
December 31, 2014 (the "10-K"), (11)
exposure to litigation, including, without limitation, product
liability claims, (12) the ability to maintain adequate quality
standards, (13) reliance on third party package delivery services,
(14) an unanticipated increase in interest rates, (15) other
changes in the business environment in which the Company operates,
(16) acquisitions or divestitures of businesses, (17) the amount of
restructuring charges, if any, (18) disruption to our information
technology systems, and (19) the outcome of the outstanding matters
described in Note 13 – Contingent Liabilities and Commitments to
the Company's consolidated financial statements included in Item 8
of Part II of the 10-K. A further discussion of the Company's
risk factors can be found in Item 1A of Part I of the 10-K.
The Company does not undertake any obligation to update these
forward-looking statements.
About Sigma-Aldrich: Sigma-Aldrich,
headquartered in St. Louis,
Missouri, is a leading Life Science and Technology company
whose biochemical and organic chemical products, kits and services
are used in scientific research, including genomic and proteomic
research, biotechnology, pharmaceutical development, the diagnosis
of disease and as key components in pharmaceutical, diagnostics and
high technology manufacturing. Sigma-Aldrich manufactures and
distributes 250,000 chemicals, biochemicals and other essential
products and 46,000 equipment products to its global customer base
with more than one million scientists and technologists in life
science companies, university and government institutions,
hospitals and a wide range of industrial companies. The
Company operates in 37 countries and has more than 9,700 employees
whose objective is to provide excellent service worldwide.
Sigma-Aldrich is committed to accelerating customer success through
innovation and leadership in Life Science, Technology and
Service. For more information about Sigma-Aldrich, please
visit its website at www.sigma-aldrich.com.
Non-GAAP Financial Measures: The Company
supplements its disclosures made in accordance with accounting
principles generally accepted in the
United States (U.S. GAAP) with certain non-GAAP financial
measures. The Company does not, and does not suggest
investors should, consider such non-GAAP financial measures in
isolation from, or as a substitute for, GAAP financial
information. These non-GAAP measures may not be consistent
with the presentation by other companies inside or outside of the
Company's industry. Whenever the Company uses such non-GAAP
measures, it provides a reconciliation of such measures to the most
closely applicable GAAP measure. See the Supplemental
Financial Information on pages 9 and 10 of this release for these
reconciliations.
With approximately 60% of sales denominated in currencies other
than the U.S. dollar, management uses currency adjusted sales
growth when analyzing Company performance, and believes it is
useful as well to investors to judge the Company's
performance. Organic sales growth data presented in this
release excludes currency and acquisition/divestiture
impacts. The Company calculates the impact of changes in
foreign currency exchange rates by multiplying current period
activity by the difference between current period exchange rates
and prior period exchange rates. The result is the defined
impact of "changes in foreign currency exchange rates." While
we are able to report past currency impacts, we are unable to
estimate changes that may occur in 2015 to applicable exchange
rates. Any significant changes in currency exchange rates
would likely have a significant impact on reported growth rates due
to the volume of sales denominated in foreign currencies.
Management also uses the following non-GAAP measures to judge
its performance and ability to pursue opportunities that enhance
shareholder value, and believes this non-GAAP information is useful
to investors as well: adjusted operating income, adjusted
diluted EPS and adjusted operating income margin (reconciled on
page 10) and free cash flow (reconciled on page 8). Free cash
flow does not necessarily represent the residual cash flow
available for discretionary expenditures.
SIGMA-ALDRICH
CORPORATION
Consolidated
Statements of Income (Unaudited)
(in millions except
per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Sales
|
$
|
697
|
|
|
$
|
701
|
|
|
$
|
1,373
|
|
|
$
|
1,390
|
|
Cost of products and
services sold
|
341
|
|
|
343
|
|
|
659
|
|
|
681
|
|
Gross
profit
|
356
|
|
|
358
|
|
|
714
|
|
|
709
|
|
Selling, general and
administrative expenses
|
164
|
|
|
157
|
|
|
327
|
|
|
317
|
|
Research and
development expenses
|
19
|
|
|
16
|
|
|
36
|
|
|
32
|
|
Other
charges
|
4
|
|
|
1
|
|
|
7
|
|
|
2
|
|
Operating
income
|
169
|
|
|
184
|
|
|
344
|
|
|
358
|
|
Interest,
net
|
1
|
|
|
—
|
|
|
1
|
|
|
1
|
|
Income before income
taxes
|
168
|
|
|
184
|
|
|
343
|
|
|
357
|
|
Provision for income
taxes
|
48
|
|
|
51
|
|
|
97
|
|
|
98
|
|
Net income
|
$
|
120
|
|
|
$
|
133
|
|
|
$
|
246
|
|
|
$
|
259
|
|
|
|
|
|
|
|
|
|
Net income per share
- Basic
|
$
|
1.00
|
|
|
$
|
1.12
|
|
|
$
|
2.05
|
|
|
$
|
2.18
|
|
Net income per share
- Diluted
|
$
|
0.98
|
|
|
$
|
1.11
|
|
|
$
|
2.02
|
|
|
$
|
2.16
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding - Basic
|
120
|
|
|
119
|
|
|
120
|
|
|
119
|
|
Weighted average
number of shares outstanding - Diluted
|
122
|
|
|
120
|
|
|
122
|
|
|
120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement
Ratios
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Gross
profit
|
51.1
|
%
|
|
51.1
|
%
|
|
52.0
|
%
|
|
51.0
|
%
|
S,G&A
expenses
|
23.5
|
%
|
|
22.4
|
%
|
|
23.8
|
%
|
|
22.8
|
%
|
Research and
development expenses
|
2.8
|
%
|
|
2.3
|
%
|
|
2.6
|
%
|
|
2.3
|
%
|
Other
charges
|
0.6
|
%
|
|
0.2
|
%
|
|
0.5
|
%
|
|
0.1
|
%
|
Operating
income
|
24.2
|
%
|
|
26.2
|
%
|
|
25.1
|
%
|
|
25.8
|
%
|
|
|
|
|
|
|
|
|
Net income
|
17.2
|
%
|
|
19.0
|
%
|
|
17.9
|
%
|
|
18.6
|
%
|
|
|
|
|
|
|
|
|
Effective tax
rate
|
28.6
|
%
|
|
27.7
|
%
|
|
28.3
|
%
|
|
27.5
|
%
|
|
|
|
|
|
SIGMA-ALDRICH
CORPORATION
Consolidated Balance
Sheets (Unaudited)
(in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
2015
|
|
2014
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,050
|
|
|
$
|
958
|
|
Accounts
receivable
|
|
418
|
|
|
397
|
|
Inventories
|
|
742
|
|
|
699
|
|
Deferred
taxes
|
|
54
|
|
|
46
|
|
Other
|
|
105
|
|
|
147
|
|
Total current
assets
|
|
2,369
|
|
|
2,247
|
|
|
|
|
|
|
Property, plant and
equipment:
|
|
|
|
|
Property, plant and
equipment
|
|
2,150
|
|
|
2,108
|
|
Less - accumulated
depreciation
|
|
(1,361)
|
|
|
(1,322)
|
|
Property, plant and
equipment, net
|
|
789
|
|
|
786
|
|
|
|
|
|
|
Goodwill
|
|
753
|
|
|
756
|
|
Intangibles,
net
|
|
282
|
|
|
292
|
|
Other
|
|
113
|
|
|
114
|
|
Total
assets
|
|
$
|
4,306
|
|
|
$
|
4,195
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Notes
payable
|
|
$
|
—
|
|
|
$
|
145
|
|
Accounts
payable
|
|
201
|
|
|
183
|
|
Payroll
|
|
72
|
|
|
81
|
|
Income
taxes
|
|
61
|
|
|
—
|
|
Other
|
|
90
|
|
|
81
|
|
Total current
liabilities
|
|
424
|
|
|
490
|
|
|
|
|
|
|
Long-term
debt
|
|
300
|
|
|
300
|
|
Pension and
post-retirement benefits
|
|
103
|
|
|
103
|
|
Deferred
taxes
|
|
62
|
|
|
69
|
|
Other
|
|
109
|
|
|
103
|
|
Total
liabilities
|
|
998
|
|
|
1,065
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Common
stock
|
|
202
|
|
|
202
|
|
Capital in excess of
par value
|
|
411
|
|
|
383
|
|
Common stock in
treasury
|
|
(2,490)
|
|
|
(2,486)
|
|
Retained
earnings
|
|
5,240
|
|
|
5,049
|
|
Accumulated other
comprehensive income/(loss)
|
|
(55)
|
|
|
(18)
|
|
Total stockholders'
equity
|
|
3,308
|
|
|
3,130
|
|
|
|
|
|
|
Total liabilities
and stockholders' equity
|
|
$
|
4,306
|
|
|
$
|
4,195
|
|
SIGMA-ALDRICH
CORPORATION
Consolidated
Statements of Cash Flows (Unaudited)
(in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
|
|
2015
|
|
2014
|
Cash flows from
operating activities:
|
|
|
|
|
|
Net income
|
|
|
$
|
246
|
|
|
$
|
259
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
65
|
|
|
66
|
|
Deferred income
taxes
|
|
|
(16)
|
|
|
(13)
|
|
Stock-based
compensation expense
|
|
|
6
|
|
|
12
|
|
Other
|
|
|
(4)
|
|
|
(2)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
Accounts
receivable
|
|
|
(34)
|
|
|
(37)
|
|
Inventories
|
|
|
(48)
|
|
|
(18)
|
|
Accounts
payable
|
|
|
21
|
|
|
23
|
|
Income
taxes
|
|
|
66
|
|
|
12
|
|
Other
|
|
|
5
|
|
|
(15)
|
|
Net cash provided by
operating activities
|
|
|
307
|
|
|
287
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
Capital
expenditures
|
|
|
(55)
|
|
|
(55)
|
|
Purchases of
investments
|
|
|
(17)
|
|
|
(6)
|
|
Proceeds from sales
of investments
|
|
|
54
|
|
|
5
|
|
Other
|
|
|
(5)
|
|
|
(2)
|
|
Net cash (used in)
investing activities
|
|
|
(23)
|
|
|
(58)
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
Net
issuance/(repayment) of short-term debt
|
|
|
(145)
|
|
|
(21)
|
|
Dividends
|
|
|
(55)
|
|
|
(55)
|
|
Share
repurchases
|
|
|
—
|
|
|
(85)
|
|
Proceeds from
exercise of stock options
|
|
|
17
|
|
|
14
|
|
Other
|
|
|
1
|
|
|
1
|
|
Net cash (used in)
financing activities
|
|
|
(182)
|
|
|
(146)
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
|
|
(10)
|
|
|
5
|
|
Net change in cash
and cash equivalents
|
|
|
92
|
|
|
88
|
|
Cash and cash
equivalents at January 1
|
|
|
958
|
|
|
722
|
|
Cash and cash
equivalents at June 30
|
|
|
$
|
1,050
|
|
|
$
|
810
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Free Cash Flow
|
|
|
|
|
(in
millions)
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
|
|
$
|
307
|
|
|
$
|
287
|
|
Less: Capital
expenditures
|
|
|
(55)
|
|
|
(55)
|
|
Free cash
flow
|
|
|
$
|
252
|
|
|
$
|
232
|
|
SIGMA-ALDRICH
CORPORATION
Supplemental
Financial Information - (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales Growth by
Business Unit
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
June 30,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
|
|
Adjusted
|
|
|
|
Reported
|
|
Currency
|
|
Benefit
|
|
(Organic)
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
|
(5)%
|
|
|
(11)%
|
|
|
—
|
%
|
|
6
|
%
|
|
|
Applied
|
3
|
%
|
|
(10)%
|
|
|
5
|
%
|
|
8
|
%
|
|
|
SAFC Commercial
|
4
|
%
|
|
(7)%
|
|
|
—
|
%
|
|
11
|
%
|
|
|
Total
Customer Sales
|
—
|
%
|
|
(9)%
|
|
|
1
|
%
|
|
8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
June 30,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
|
|
Adjusted
|
|
|
|
Reported
|
|
Currency
|
|
Benefit
|
|
(Organic)
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
|
(6)%
|
|
|
(10)%
|
|
|
—
|
%
|
|
4
|
%
|
|
|
Applied
|
3
|
%
|
|
(9)%
|
|
|
5
|
%
|
|
7
|
%
|
|
|
SAFC Commercial
|
4
|
%
|
|
(6)%
|
|
|
—
|
%
|
|
10
|
%
|
|
|
Total
Customer Sales
|
(1)%
|
|
|
(9)%
|
|
|
1
|
%
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Unit
Sales
(in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter 2015
|
|
Second
Quarter 2015
|
|
Third Quarter 2015
|
|
Fourth Quarter 2015
|
|
Total
2015
|
|
|
|
|
|
|
|
|
|
|
Research
|
$
|
335
|
|
|
$
|
340
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
675
|
|
Applied
|
175
|
|
|
178
|
|
|
—
|
|
|
—
|
|
|
353
|
|
SAFC
Commercial
|
166
|
|
|
179
|
|
|
—
|
|
|
—
|
|
|
345
|
|
Total
Customer Sales
|
$
|
676
|
|
|
$
|
697
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,373
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
Quarter 2014
|
|
Second
Quarter 2014
|
|
Third
Quarter 2014
|
|
Fourth
Quarter 2014
|
|
Total
2014
|
|
|
|
|
|
|
|
|
|
|
Research
|
$
|
359
|
|
|
$
|
357
|
|
|
$
|
347
|
|
|
$
|
341
|
|
|
$
|
1,404
|
|
Applied
|
171
|
|
|
172
|
|
|
170
|
|
|
167
|
|
|
680
|
|
SAFC
Commercial
|
159
|
|
|
172
|
|
|
173
|
|
|
197
|
|
|
701
|
|
Total
Customer Sales
|
$
|
689
|
|
|
$
|
701
|
|
|
$
|
690
|
|
|
$
|
705
|
|
|
$
|
2,785
|
|
SIGMA-ALDRICH
CORPORATION
Supplemental
Financial Information - (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Reported Net Income to Adjusted Net Income
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
Diluted
Earnings
|
|
|
|
(in
millions)
|
|
Per
Share
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Reported net
income
|
|
|
$
|
120
|
|
|
$
|
133
|
|
|
$
|
0.98
|
|
|
$
|
1.11
|
|
Other
charges
|
|
|
3
|
|
|
—
|
|
|
0.03
|
|
|
—
|
|
Adjusted net
income
|
|
|
$
|
123
|
|
|
$
|
133
|
|
|
$
|
1.01
|
|
|
$
|
1.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
Diluted
Earnings
|
|
|
|
(in
millions)
|
|
Per
Share
|
|
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Reported net
income
|
|
|
$
|
246
|
|
|
$
|
259
|
|
|
$
|
2.02
|
|
|
$
|
2.16
|
|
Other
charges
|
|
|
5
|
|
|
1
|
|
|
0.04
|
|
|
0.01
|
|
Adjusted net
income
|
|
|
$
|
251
|
|
|
$
|
260
|
|
|
$
|
2.06
|
|
|
$
|
2.17
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Reported Operating Income to Adjusted Operating
Income
|
(in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Reported operating
income
|
|
|
$
|
169
|
|
|
$
|
184
|
|
|
$
|
344
|
|
|
$
|
358
|
|
Other
charges
|
|
|
4
|
|
|
1
|
|
|
7
|
|
|
2
|
|
Adjusted operating
income
|
|
|
$
|
173
|
|
|
$
|
185
|
|
|
$
|
351
|
|
|
$
|
360
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Reported Operating Income Margin to Adjusted Operating Income
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
June
30,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Reported operating
income margin
|
|
|
24.2
|
%
|
|
26.2
|
%
|
|
25.1
|
%
|
|
25.8
|
%
|
Other
charges
|
|
|
0.6
|
%
|
|
0.2
|
%
|
|
0.5
|
%
|
|
0.1
|
%
|
Adjusted operating
income margin
|
|
|
24.8
|
%
|
|
26.4
|
%
|
|
25.6
|
%
|
|
25.9
|
%
|
|
|
|
|
|
|
|
|
|
|
Trend of Reported
Operating Income Margin to Adjusted Operating Income
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
June
30,
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
|
|
2015
|
|
2015
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Reported operating
income margin
|
|
|
24.2
|
%
|
|
25.9
|
%
|
|
24.0
|
%
|
|
22.3
|
%
|
Other
charges
|
|
0.6
|
%
|
|
0.4
|
%
|
|
1.0
|
%
|
|
3.6
|
%
|
Adjusted operating
income margin
|
|
|
24.8
|
%
|
|
26.3
|
%
|
|
25.0
|
%
|
|
25.9
|
%
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sigma-aldrich-nasdaq---sial-reports-q2-2015-sales-of-697-million-and-adjusted-diluted-eps-of-101-300121060.html
SOURCE Sigma-Aldrich Corporation