VENLO (dpa-AFX) - Qiagen NV (QGEN) reported that its second-quarter net income fell 14% to $33.3 million from $38.5 million in the year-ago period. The company said that this year-ago period included a one-time benefit of $12.0 million or $0.05 per share from the restructuring of acquired foreign subsidiaries. Earnings per share were $0.14 in the 2011 quarter compared to $0.16 in the 2010 quarter.
Adjusted net income grew 5% to $55.0 million from $52.5 million in 2010. Adjusted earnings per share rose to $0.23 from $0.22 in the second quarter of 2010. Analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share. Analysts' estimates typically exclude special items.
Net sales rose to $282.2 million from $262.7 million in the year ago quarter. Fourteen analysts had consensus revenue estimate of $279.35 million for the quarter.
For the second half of 2011, QIAGEN expects total sales growth of approximately 7% constant exchange rates or CER, of which approximately half is expected to come from organic growth.
For the full year 2011, the company now expects total sales growth of approximately 3% CER with contributions from both organic growth and acquisitions. Adjusted earnings per share are expected to be approximately $0.96 for 2011. Analysts expect the company to report earnings of $0.94 per share on revenues of $1.16 billion for fiscal 2011.
The full year 2011 Adjusted earnings outlook includes previously announced expectations for dilution of approximately $0.03 per share related to planned investments and product migrations as part of the acquisitions of Cellestis and Ipsogen.
While announcing the first-quarter result, the company had expected to deliver adjusted earnings growth at a faster pace than net sales.
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