Why Bio-Rad Laboratories, Inc. Class A Common Stock (NYSE: BIO) stock is soaring

Free $100 Forex No-Deposit Bonus

Bio-Rad Laboratories, Inc. Class A Common Stock (NYSE: BIO) stock surged over 7.42% on 1st November, 2019 (As of 1:21 pm GMT-4; Source: Google finance) post third quarter of FY 19 output. During the third quarter, the company had experienced good demand across many of the key product areas and growth in all the three regions. The company has reported Non-GAAP net income for the third quarter of 2019 of $48.6 million compared to $27.6 million during the same period in 2018. At the end of September, the company has generated the total cash and short-term investments of $985 million compared to $850 million at the end of 2018. During the quarter, the company had completed an acquisition of a small manufacturer in the Diagnostics group which is expected to expand the capabilities within the quality control products

BIO in the third quarter of FY 19 has reported the adjusted earnings per share of $1.61, beating the analysts’ estimates for the adjusted earnings per share of $1.36, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 2.8 percent to $560.63 million in the third quarter of FY 19, beating the analysts’ estimates for revenue by 0.14%. The compaany’s gross margin for the third quarter of 2019 had expanded to 54.8% on a GAAP basis and compares to 52.6% in Q3 of 2018, mainly due to product mix and lower cost of inventory reserves.

During the third quarter of 2019, the company had purchased 14,745 shares of the stock for $5 million at an average share price of $339.05. For the third quarter of 2019, the company has generated net cash from operations of about $100 million, compared to about $62 million in the third quarter of 2018. This improvement is driven by the higher operating profits and improved working capital. The company posted the adjusted EBITDA for the third quarter of 2019 of $95.1 million or 17% of sales.

For FY 19, the company project full year capex spend to be at the low end of the forecasted range of $110 million to $120 million, full year-over-year currency-neutral revenue growth to be in the range of 4% and 4.5%. Full year non-GAAP gross margin is expected to be in the range of 55.5% and 56%, and full year non-GAAP operating margin is expected to be in the range of 12.5% and 13%.

Copyright © 2020. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.