Life Tech profit rises; pulls back on 2012 forecast

July 31 Tue Jul 31, 2012 4:23pm EDT

July 31 (Reuters) - Life Technologies Corp on Tuesday reported higher second-quarter profit on increased demand for its Ion Torrent genetic testing equipment and biotech production products.

But the company reined in its full year forecast due to unfavorable foreign exchange rates and challenging economic conditions in Europe.

The company posted a net profit of $122.3 million, or 67 cents per share, compared with a profit of $95.5 million, or 52 cents per share, a year ago

Life Tech lowered the high end of its previous forecast range by 5 cents and now expects earnings of $3.90 to $4.00 per share, excluding special items. It now expects organic revenue growth to come in at the low end of its prior 2 percent to 4 percent forecast.

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