ST. LOUIS, May 7, 2015 /PRNewswire/ --
HIGHLIGHTS:
Q1 2015 Results (all percentage changes are against
comparable periods in 2014)
- Reported sales were $676
million compared to $689
million in the first quarter of 2014. Sales grew organically
by 5%. Recent acquisitions increased sales by 1%. Changes in
foreign currency exchange rates decreased sales by 8%.
- By business unit, organic sales growth was 3% in Research,
6% in Applied and 10% in SAFC Commercial.
- Reported diluted EPS was $1.04
compared to $1.05 in the first
quarter of 2014. Adjusted diluted EPS (excluding $3 million of pre-tax merger-related costs) was
$1.06, the same as in the first
quarter of 2014. Changes in foreign currency exchange rates reduced
first quarter 2015 adjusted EPS by $0.13. Excluding this impact, adjusted diluted
EPS would have been $1.19, an
increase of 12% from the same period last year.
Quarterly Dividend
- On May 5, the Company's Board
of Directors conditionally approved a quarterly cash dividend of
$0.23 per share to shareholders of
record on June 1, 2015. Payment of
that dividend will be made on June 15,
2015 so long as the transaction by which Merck KGaA is to
acquire all of the outstanding shares of the Company has not closed
prior to that date.
CEO's STATEMENT:
Commenting on performance in the first quarter of 2015,
President and CEO Rakesh Sachdev
said, "I am pleased to report that our teams delivered solid
organic sales growth with contribution from all business units and
major geographies. Despite a significant negative sales
impact from unfavorable year-over-year changes in foreign currency
exchange rates, the Company expanded adjusted operating margin and
grew adjusted operating income.
Our Research business unit had growth contribution from all
segments and geographies, continuing a trend that began in the
second half of last year. Our Applied business unit was led
by double-digit growth in the Diagnostics and Testing
segment. Our SAFC Commercial business unit was led by the
seventh consecutive quarter of double-digit organic sales growth in
the Life Sciences Services segment and solid growth in the Life
Sciences Product segment.
During the quarter, we launched new products such as the
EX-CELL® Advanced CHO Fed-batch System, a
high-performing batch media system developed for a range of widely
used industrial CHO cell lines, including SAFC's proprietary
CHOZN® cell line. We also launched Next-Gen
Sequencing Oligos, which are adapters that improve target sequence
assembly.
We officially opened our state-of-the-art dry powder media
manufacturing facility in Irvine, Scotland, which now serves as the European
counterpart to the Lenexa, Kansas,
Center of Excellence for cell culture media manufacture and
supply. In April, we opened our state-of-the-art Cell Culture
Technical Center in Singapore to
support our biopharmaceutical customers in this fast growing
region.
In March, we announced an exclusive global distribution
agreement with Roche. The agreement pairs Roche's Biochemical
Reagents product portfolio, including kits and enzymes for cellular
analysis, proteomics and conventional PCR applications, with
Sigma-Aldrich's industry-leading eCommerce and supply chain
capabilities."
Mr. Sachdev concluded, "Our teams are successfully executing the
Company's growth initiatives, and we are excited about the
opportunity to join forces with Merck KGaA of Darmstadt,
Germany. We continue to expect the transaction to close in
mid-2015, subject to receipt of certain antitrust and government
approvals and other customary closing conditions."
Q1 2015 RESULTS:
Reported sales for the first quarter of 2015 were $676 million, a 2% decline from the same quarter
in 2014, solely caused by an 8% reduction in sales caused by
changes in foreign currency exchange rates. Organic sales
growth in the quarter was 5%, and acquisitions increased sales by
1%.
Reported sales of the Research business unit ($335 million in sales, 50% of overall sales)
declined by 7% from the first quarter of 2014, primarily impacted
by a 10% reduction in reported sales caused by changes in foreign
currency exchange rates. Organic sales growth was 3%.
All three segments (Academic/Government/Hospitals, Pharma and
Dealers) and all major geographies (U.S., EMEA and APAC)
contributed to organic sales growth during the quarter.
Reported sales of the Applied business unit ($175 million in sales, 26% of overall sales)
increased 2% compared to the first quarter of 2014. Organic
sales growth was 6%, and sales related to the recent acquisition of
Cell Marque increased sales by 5%. This positive result was
offset by a 9% decline in reported sales due to changes in foreign
currency exchange rates. The Diagnostics and Testing segment
had double-digit organic sales growth led by analytical
standards.
Reported sales of the SAFC Commercial business unit
($166 million in sales, 24% of
overall sales) grew 4% over the first quarter of 2014.
Organic sales growth was 10%, which was partially offset by a 6%
reduction in reported sales due to changes in foreign currency
exchange rates. Organic sales growth was led by double-digit
growth in the Life Sciences Services segment and mid-single digit
growth in the Life Sciences Products segment.
Adjusted operating income in the first quarter of 2015
(excluding merger-related expenses and excluding restructuring
costs from the same period last year) grew by $3 million over the same period last year, an
increase of 2%. The adjusted operating income margin was
26.3%, an improvement of 90 basis points from the same period last
year. This margin expansion was due to productivity
improvements, higher organic sales volume, pricing and product mix,
offset by unfavorable changes in foreign currency exchange rates.
Changes in foreign currency exchange rates reduced adjusted
operating income by $22 million, net
of hedging. Excluding this impact, adjusted operating income
margin would have expanded by 190 basis points from the same period
in the prior year.
The adjusted effective tax rate for the first quarter of 2015
was 28% compared to 27% in the same period last year. The
higher effective tax rate for the first quarter of 2015 was
primarily due to increases in uncertain tax positions which were
partially offset by favorable tax rates in foreign
jurisdictions.
OTHER INFORMATION:
Cash Flow and Debt: For the first three
months of 2015, net cash provided by operating activities was
$153 million compared to $172 million in the same period in 2014.
Capital expenditures in the first three months of 2015 were
$28 million as compared to
$29 million in the same period in
2014. Free cash flow for the first quarter of 2015 was
$125 million, of which $27 million was returned to shareholders through
dividends. The Company's debt to capital ratio was 9% at
March 31, 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 is expected to close in
mid-2015, is subject to customary closing conditions, including
regulatory approvals.
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,"
"believe," "will be," 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, timely receipt of regulatory approvals required for the
transaction and other customary closing conditions, (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 9,000 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
|
|
March
31,
|
|
2015
|
|
2014
|
Sales
|
$
|
676
|
|
|
$
|
689
|
|
Cost of products and
services sold
|
318
|
|
|
338
|
|
Gross
profit
|
358
|
|
|
351
|
|
Selling, general and
administrative expenses
|
163
|
|
|
160
|
|
Research and
development expenses
|
17
|
|
|
16
|
|
Other
charges
|
3
|
|
|
1
|
|
Operating
income
|
175
|
|
|
174
|
|
Interest,
net
|
—
|
|
|
1
|
|
Income before income
taxes
|
175
|
|
|
173
|
|
Provision for income
taxes
|
49
|
|
|
47
|
|
Net income
|
$
|
126
|
|
|
$
|
126
|
|
|
|
|
|
Net income per share
- Basic
|
$
|
1.05
|
|
|
$
|
1.06
|
|
Net income per share
- Diluted
|
$
|
1.04
|
|
|
$
|
1.05
|
|
|
|
|
|
Weighted average
number of shares outstanding - Basic
|
120
|
|
|
119
|
|
Weighted average
number of shares outstanding - Diluted
|
121
|
|
|
120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement
Ratios
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2015
|
|
2014
|
Gross
profit
|
53.0
|
%
|
|
50.9
|
%
|
S,G&A
expenses
|
24.1
|
%
|
|
23.2
|
%
|
Research and
development expenses
|
2.6
|
%
|
|
2.3
|
%
|
Other
charges
|
0.4
|
%
|
|
0.1
|
%
|
Operating
income
|
25.9
|
%
|
|
25.3
|
%
|
|
|
|
|
Net income
|
18.6
|
%
|
|
18.3
|
%
|
|
|
|
|
Effective tax
rate
|
28.0
|
%
|
|
27.2
|
%
|
|
|
|
|
|
SIGMA-ALDRICH
CORPORATION
|
Consolidated Balance
Sheets (Unaudited)
|
(in
millions)
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
887
|
|
|
$
|
958
|
|
Accounts
receivable
|
|
401
|
|
|
397
|
|
Inventories
|
|
717
|
|
|
699
|
|
Deferred
taxes
|
|
47
|
|
|
46
|
|
Other
|
|
145
|
|
|
147
|
|
Total current
assets
|
|
2,197
|
|
|
2,247
|
|
|
|
|
|
|
Property, plant and
equipment:
|
|
|
|
|
Property, plant and
equipment
|
|
2,103
|
|
|
2,108
|
|
Less - accumulated
depreciation
|
|
(1,325)
|
|
|
(1,322)
|
|
Property, plant and
equipment, net
|
|
778
|
|
|
786
|
|
|
|
|
|
|
Goodwill
|
|
739
|
|
|
756
|
|
Intangibles,
net
|
|
285
|
|
|
292
|
|
Other
|
|
111
|
|
|
114
|
|
Total
assets
|
|
$
|
4,110
|
|
|
$
|
4,195
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Notes
payable
|
|
$
|
—
|
|
|
$
|
145
|
|
Accounts
payable
|
|
180
|
|
|
183
|
|
Payroll
|
|
63
|
|
|
81
|
|
Income
taxes
|
|
32
|
|
|
—
|
|
Other
|
|
95
|
|
|
81
|
|
Total current
liabilities
|
|
370
|
|
|
490
|
|
|
|
|
|
|
Long-term
debt
|
|
300
|
|
|
300
|
|
Pension and
post-retirement benefits
|
|
101
|
|
|
103
|
|
Deferred
taxes
|
|
67
|
|
|
69
|
|
Other
|
|
105
|
|
|
103
|
|
Total
liabilities
|
|
943
|
|
|
1,065
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Common
stock
|
|
202
|
|
|
202
|
|
Capital in excess of
par value
|
|
400
|
|
|
383
|
|
Common stock in
treasury
|
|
(2,492)
|
|
|
(2,486)
|
|
Retained
earnings
|
|
5,148
|
|
|
5,049
|
|
Accumulated other
comprehensive income
|
|
(91)
|
|
|
(18)
|
|
Total stockholders'
equity
|
|
3,167
|
|
|
3,130
|
|
|
|
|
|
|
Total liabilities
and stockholders' equity
|
|
$
|
4,110
|
|
|
$
|
4,195
|
|
SIGMA-ALDRICH
CORPORATION
|
Consolidated
Statements of Cash Flows (Unaudited)
|
(in
millions)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2015
|
|
2014
|
Cash flows from
operating activities:
|
|
|
|
|
|
Net income
|
|
|
$
|
126
|
|
|
$
|
126
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
32
|
|
|
33
|
|
Deferred income
taxes
|
|
|
(3)
|
|
|
(4)
|
|
Stock-based
compensation expense
|
|
|
3
|
|
|
8
|
|
Other
|
|
|
(3)
|
|
|
(1)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
Accounts
receivable
|
|
|
(21)
|
|
|
(32)
|
|
Inventories
|
|
|
(27)
|
|
|
(5)
|
|
Accounts
payable
|
|
|
2
|
|
|
15
|
|
Income
taxes
|
|
|
35
|
|
|
34
|
|
Other
|
|
|
9
|
|
|
(2)
|
|
Net cash provided by
operating activities
|
|
|
153
|
|
|
172
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
Capital
expenditures
|
|
|
(28)
|
|
|
(29)
|
|
Purchases of
investments
|
|
|
(10)
|
|
|
(2)
|
|
Proceeds from sales
of investments
|
|
|
5
|
|
|
3
|
|
Other
|
|
|
(4)
|
|
|
(2)
|
|
Net cash (used in)
investing activities
|
|
|
(37)
|
|
|
(30)
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
Net
issuance/(repayment) of short-term debt
|
|
|
(145)
|
|
|
(33)
|
|
Dividends
|
|
|
(27)
|
|
|
(27)
|
|
Share
repurchases
|
|
|
—
|
|
|
(85)
|
|
Proceeds from
exercise of stock options
|
|
|
10
|
|
|
8
|
|
Other
|
|
|
(2)
|
|
|
(1)
|
|
Net cash (used in)
financing activities
|
|
|
(164)
|
|
|
(138)
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
|
|
(23)
|
|
|
1
|
|
Net change in cash
and cash equivalents
|
|
|
(71)
|
|
|
5
|
|
Cash and cash
equivalents at January 1
|
|
|
958
|
|
|
722
|
|
Cash and cash
equivalents at March 31
|
|
|
$
|
887
|
|
|
$
|
727
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Free Cash Flow
|
|
|
|
|
(in
millions)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
|
|
$
|
153
|
|
|
$
|
172
|
|
Less: Capital
expenditures
|
|
|
(28)
|
|
|
(29)
|
|
Free cash
flow
|
|
|
$
|
125
|
|
|
$
|
143
|
|
SIGMA-ALDRICH
CORPORATION
|
Supplemental
Financial Information - (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales Growth by
Business Unit
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
|
|
Adjusted
|
|
|
|
Reported
|
|
Currency
|
|
Benefit
|
|
(Organic)
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
|
(7)
|
%
|
|
(10)%
|
|
|
—
|
%
|
|
3
|
%
|
|
|
Applied
|
2
|
%
|
|
(9)%
|
|
|
5
|
%
|
|
6
|
%
|
|
|
SAFC
Commercial
|
4
|
%
|
|
(6)%
|
|
|
—
|
%
|
|
10
|
%
|
|
|
Total
Customer Sales
|
(2)
|
%
|
|
(8)%
|
|
|
1
|
%
|
|
5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Unit
Sales
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
|
|
|
|
|
|
|
|
|
|
First
Quarter 2015
|
|
Second
Quarter 2015
|
|
Third
Quarter 2015
|
|
Fourth
Quarter 2015
|
|
Total
2015
|
|
|
|
|
|
|
|
|
|
|
Research
|
$
|
335
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
335
|
|
Applied
|
175
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
175
|
|
SAFC
Commercial
|
166
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
166
|
|
Total
Customer Sales
|
$
|
676
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
676
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Reported net
income
|
|
|
$
|
126
|
|
|
$
|
126
|
|
|
$
|
1.04
|
|
|
$
|
1.05
|
|
Other
charges
|
|
|
2
|
|
|
1
|
|
|
0.02
|
|
|
0.01
|
|
Adjusted net
income
|
|
|
$
|
128
|
|
|
$
|
127
|
|
|
$
|
1.06
|
|
|
$
|
1.06
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Reported Operating Income to Adjusted Operating
Income
|
(in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported operating
income
|
|
|
$
|
175
|
|
|
$
|
174
|
|
|
|
|
|
Other
charges
|
|
|
3
|
|
|
1
|
|
|
|
|
|
Adjusted operating
income
|
|
|
$
|
178
|
|
|
$
|
175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Reported Operating Income Margin to Adjusted Operating Income
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported operating
income margin
|
|
|
25.9
|
%
|
|
25.3
|
%
|
|
|
|
|
Other
charges
|
|
|
0.4
|
%
|
|
0.1
|
%
|
|
|
|
|
Adjusted operating
income margin
|
|
|
26.3
|
%
|
|
25.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trend of Reported
Operating Income Margin to Adjusted Operating Income
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
December
31,
|
|
September
30,
|
|
June
30,
|
|
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
Reported operating
income margin
|
|
|
25.9
|
%
|
|
24.0
|
%
|
|
22.3
|
%
|
|
26.2
|
%
|
Other
charges
|
|
0.4
|
%
|
|
1.0
|
%
|
|
3.6
|
%
|
|
0.2
|
%
|
Adjusted operating
income margin
|
|
|
26.3
|
%
|
|
25.0
|
%
|
|
25.9
|
%
|
|
26.4
|
%
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sigma-aldrich-nasdaq---sial-reports-q1-2015-sales-of-676-million-and-adjusted-diluted-eps-of-106--declares-023-quarterly-dividend-300079314.html
SOURCE Sigma-Aldrich