Martek reports slip in third-quarter profit

Martek says fewer infant formula sales resulted in slip for third-quarter profits

• On 4:50 pm EDT, Wednesday September 2, 2009

COLUMBIA, Md. (AP) -- Martek Biosciences Corp., which sells nutritional oils and dietary supplements, said Wednesday its profit slipped by 4 percent in the third quarter as sales of its infant formula fell.

For the three months ending July 31, the company earned $8.9 million, or 27 cents per share. That compared to $9.3 million, or 28 cents per share, the same time last year.

Quarterly revenue was $77.8 million, down 12 percent from $88.4 million a year ago.

Analysts polled by Thomson Reuters expected a profit of 27 cents per share on revenue of $82 million.

Sales for its infant formula fell 15 percent year-over year to $63.3 million. A 41 percent jump in sales of non-infant formula products to $10.6 million helped offset that drop.

The company said it expects a full-year profit of $1.20 to $1.24 per share on revenues of $345 million and $350 million.

That's slightly lower than the profit of $1.20 to $1.25 per share on revenue between $350 million and $355 million the company forecast at the end of the second quarter.

Analysts expect profit of $1.23 per share on revenue of $354 million.

Martek shares slid 52 cents to $23.48 in afterhours trading, after closing down 61 cents to $24 during the regular session.