BECKMAN COULTER INC. $42 (New York symbol BEC; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 62.7 million; Market cap: $2.6 billion; WSSF Rating: Average) makes lab equipment that doctors and medical researchers use to detect substances in bodily fluids.
Demand for Beckman’s automated systems remains strong among hospitals and clinics, offsetting lower sales to university labs due to lower government funding. Hospitals prefer Beckman’s systems, since they they require little human interaction. That helps cut their costs. Accurate detection of diseases also reduces the length of hospital stays for patients.
In the three months ended September 30, 2008, Beckman earned $26.1 million, down 55.3% from $58.4 million a year earlier. Earnings per share fell 54.9%, to $0.41 from $0.91. If you disregard unusual items, earnings per share rose 1.3%, to $0.78 from $0.77. Revenue grew 13.4%, to $758.8 million from $669.0 million, partly due to an acquisition. It currently holds cash of $71.4 million or $1.14 a share. Long-term debt of $927.6 million is equal to roughly two years’ cash flow.
Beckman spent $74.8 million on research (9.9% of revenue) in the latest quarter, up 24.9% from $59.9 million (9.0% of revenue) a year earlier. This spending let the company launch several new systems in 2008, and maintain its lead in this niche market. As well, every new equipment sale gives Beckman a customer for its supplies and maintenance services.
The stock has dropped 45% from its recent peak of $77 in August, 2008. It now trades at just 11.7 times the $3.59 a share it will probably earn in 2008. The $0.68 dividend yields 1.6%.
Beckman Coulter is a buy.
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