Bio Rad Laboratories, Inc. (BIO) jumped higher on better than expected Q3 results from late November.
Bio-Rad Laboratories Inc., together with its subsidiaries, manufactures products and systems for the life sciences and healthcare industry worldwide. The company was founded in 1952 and has a market cap of $2.65 billion.
Shares of BIO jumped higher and hit a new 52-week high after the company reported better than expected third-quarter results on Nov 24.
Sales were up 4.4% from last year to $461 million. Earnings also came in strong at $1.38, 38 cents ahead of the Zacks Consensus Estimate. The company has beat in each of the last 4 quarters by an average of 28 cents or 29%.
Bio Rad noted that its largest business segment, Clinical Diagnostics, was up 9.3% to $308 million. Gross margin expanded 2% to 56% while the company’s cash and equiviliants increased $349 million to $554 million.
The good quarter sent estimates higher, with the current year adding 40 cents and moving to $4.98. The next-year estimate added 57 cents, clocking in at $5.43, a solid 9% growth projection.
Based on the current-year estimate, shares of BIO trade with a P/E multiple of 19X, a small premium to the overall market.
Bio Rad jumped higher on word of the good quarter but have since traded mostly sideways. Take a look below.
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