Illumina Profit Drops Amid Climbing Expenses
May 03 2016 - 6:00PM
Dow Jones News
Genetic-sequencing company Illumina Inc. posted a 34% decline in
profit for its first quarter amid climbing expenses.
Expenses rose 39% to $276 million, with research and development
expenses climbing to $124 million from $91.8 million in the
prior-year period.
On the heels of the latest results, the San Diego maker of
gene-sequencing machines lowered its annual guidance for adjusted
earnings on a per-share basis to $3.35 to $3.45, from a previous
estimate of $3.55 to $3.65. Analysts surveyed by Thomson Reuters
expected $3.48 a share.
For the current quarter, Illumina projects adjusted earnings of
72 cents to 74 cents a share on revenue of $590 million to $595
million. Analysts forecast 84 cents and $611 million,
respectively.
Shares of the company slipped 3.7% to $128.67 in after-hours
trading Tuesday.
In all, for the quarter ended April 3, Illumina earned $89.6
million, or 60 cents a share, compared with $136.7 million, or 92
cents a share, a year earlier. Earnings excluding items were 71
cents a share, down from 91 cents.
Revenue rose 6% to $572 million.
Analysts surveyed by Thomson Reuters expected earnings of 74
cents a share on revenue of $593 million.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
May 03, 2016 17:45 ET (21:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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