UPDATE 2-Life Technologies meets 1st qtr Wall Street view

Tue Apr 26, 2011 4:53pm EDT

* Q1 EPS $0.85 excluding items vs Street view $0.85

* Revenue $895.9 million

* Maintains full-year EPS forecast $3.80 to $3.95

* Shares fall 2.4 percent (Adds unit and regional sales details, share price)

NEW YORK, April 26 (Reuters) - Life Technologies Corp LIFE.O reported first-quarter profit in line with Wall Street expectations as growth in its cell systems business helped offset a decline in genetic systems sales that was hurt by the disasters in Japan.

Revenue for the quarter edged 1.2 percent higher to $895.9 million, but was shy of Wall Street estimates of $905.4 million, and Life Technologies shares fell more than 2 percent in extended trading.

The maker of genetic testing and diagnostic tools and equipment used for biotechnology research posted a net profit of $93.6 million, or 50 cents per share, compared with a profit of $91.5 million, or 48 cents per share, a year earlier.

Excluding items, Life earned 85 cents per share, matching analysts' average expectations, according to Thomson Reuters I/B/E/S.

The company, which was formed by the merger of Invitrogen and Applied Biosystems, maintained its full-year forecast for revenue growth in the mid-single digits and earnings excluding items of $3.80 to $3.95 per share.

Sales in molecular biology systems slipped 1 percent from a particularly strong 2010 quarter for the company's biggest unit, to $426 million.

Cell systems revenue rose 11 percent to $238 million, while genetic systems sales, hurt by delayed shipment of its new gene sequencer to Japan, fell 4 percent to $228 million.

Business in the Americas grew by an anemic 1 percent and by 2 percent in Europe. Japanese business declined 16 percent due to disruptions caused by the earthquake and tsunami disasters.

Life Technologies shares fell to $53.25 after the earnings report from their Nasdaq close at $54.56. (Reporting by Bill Berkrot; Editing by Gary Hill)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.