Bio-Rad Laboratories – Beat in Each of the Last 3 Quarters by an Average of 25%

October 20th, 2009

Bio-Rad Laboratories, Inc. (BIO) recently hit a new 52-week high as the global economy recovers from last year’s drop.

Company Description

Bio-Rad Laboratories, Inc., together with its subsidiaries, engages in the manufacture and supply of products and systems for the healthcare industry worldwide. The company was founded in 1952 and has a market cap of $2.54 billion.

Shares of BIO have almost doubled in the last 6 months, helped by a rebound in the global economy and better than expected 2nd-quarter results, reported on August 4.

Second-Quarter Results

Sales were down 5.6% from last year to $427.2 million, but earnings came in strong at $1.37 per share, 34 cents ahead of the Zacks Consensus Estimate. The company has beat in each of the last 3 quarters by an average of 25%.

Bio Rad added that it had a strong cash and cash equiviliants position of $533.5 million at the end of the quarter.

Estimates Advance

After word of the good quarter hit the Street, estimates ticked higher, with the current year adding 15 cents and advancing to $4.58 per share. The next-year estimate is pegged at $4.86, a respectable 6% growth projection.

Valuation

Based on the current-year estimate, this stock trades with a P/E mutliple of 20X, a slight premium to the overall market.

The Chart

Shares of BIO have almost doubled in the last 6 months after bottoming out with the market in early March. Take a look below.


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