Business
Bruker Reports Third Quarter 2020 Financial Results
Q3 2020 revenues of $511.4 million decline 1.9% year-over-year; organic revenue down 4.6% Q3 2020 GAAP EPS of $0.35, compared to $0.39 in Q3 2019; non-GAAP
About this update from Bruker Corporation
[{"type":"text","content":"\n\nQ3 2020 revenues of $511.4 million decline 1.9% year-over-year; organic revenue down 4.6% \n\n\nQ3 2020 GAAP EPS of $0.35, compared to $0.39 in Q3 2019; non-GAAP EPS of $0.42, compared to $0.43 in Q3 2019\n\n\nSignificant sequential improvements compared to Q2 2020 results\n\n\n BILLERICA, Mass.--(BUSINESS WIRE)--\nBruker Corporation (Nasdaq: BRKR) today announced financial results for its third quarter and for the nine months ended September 30, 2020.\n\nThird Quarter 2020 Financial Results\n\nBruker’s revenues for the third quarter of 2020 were $511.4 million, a decrease of 1.9% compared to $521.1 million in the third quarter of 2019. In the third quarter of 2020, revenues declined 4.6% organically year-over-year. Growth from acquisitions was 0.3%, while favorable foreign currency translation contributed 2.4%. The reported and organic revenue declines were due to softer instruments demand by academic and industrial customers, and reduced demand for BEST superconductors during the COVID-19 pandemic and economic slowdown.\n\nThird quarter 2020 GAAP operating income was $81.2 million, compared to $87.8 million in the third quarter of 2019, representing GAAP operating margins of 15.9%, and 16.8%, respectively. Non-GAAP operating income was $94.9 million in the third quarter of 2020, compared to $95.5 million in the third quarter of 2019. Bruker’s third quarter 2020 non-GAAP operating margin was 18.6%, compared to 18.3% in the third quarter of 2019.\n\nThird quarter 2020 GAAP diluted earnings per share (EPS) were $0.35, compared to $0.39 in the third quarter of 2019. Third quarter 2020 non-GAAP diluted EPS were $0.42, compared to $0.43 in the third quarter of 2019. The year-over-year declines in the Company’s GAAP and non-GAAP operating income and diluted EPS were primarily due to lower revenues associated with softer instruments and superconductor demand during the pandemic, partially offset by cost control and cost reduction measures.\n\nFirst Nine Months of 2020 Financial Results\n\nFor the first nine months of 2020, Bruker’s revenues were $1,360.0 million, a decline of 7.7% from $1,472.7 million in the first nine months of 2019. In the first nine months of 2020, revenues declined 8.3% organically year-over-year. Growth from acquisitions was 0.5%, while foreign currency translation had a 0.1% favorable effect.\n\nIn the firs...