Sigma-Aldrich 3Q net income rises on tax benefit
Sigma-Aldrich 3rd-quarter net income grows on tax benefit and stronger chemicals sales
ST. LOUIS (AP) -- NEWS: Scientific supplies maker Sigma-Aldrich said Tuesday its net income rose 6 percent in the third quarter on a tax benefit and greater sales of commercial fine chemicals.
DETAILS: Sigma-Aldrich reported a tax benefit worth 3 cents per share and said sales improved at all three of its divisions. The greatest growth came from the chemicals unit, where revenue increased 8 percent. The company also raised the bottom end of its annual guidance.
NUMBERS: Sigma-Aldrich's net income grew to $119 million, or 98 cents per share, from $112 million, or 92 cents per share. Excluding one-time items the company said it earned $1.05 per share. Revenue increased 4 percent, to $664 million from $639 million.
Analysts expected net income of 99 cents per share and $661.1 million in revenue, according to FactSet.
Research revenue increased 2 percent to $341 million, applied market revenue rose 4 percent to $154 million, and fine chemicals revenue rose 8 percent to $169 million.
FUTURE: The company is now projecting net income of $4.08 to $4.15 per share in 2013, up from $4.05 and $4.15 per share. Analysts expect $4.07 per share, on average.
STOCK: Shares of Sigma-Aldrich Corp. rose $1.80, or 2 percent, to $85.12 in morning trading. The stock is up about 16 percent since the start of the year.
