Bruker Corp cuts forecast due to weak demand in microelectronics
Nov 1 (Reuters) - Bruker Corp, a maker of scientific instruments, cut its full-year forecast after reporting lower-than-expected quarterly results, partly due to weak demand from microelectronics customers.
The company's shares fell as much as 13 percent in early trading on the Nasdaq on Friday.
Bruker also said it would cut 150 jobs in its X-ray instruments business. This represents 2 percent of its global workforce of 6,400, according to Thomson Reuters data.
"The significant weakness in industrial end markets is a bit of a surprise as the company had previously anticipated a second-half recovery in industrial markets and a strong fourth quarter," Wells Fargo analyst Tim Evan wrote in a note.
Bruker lowered its full-year earnings forecast to 72-76 cents per share from 80-83 cents.
The company said it now expected 2013 revenue to be flat or fall by 1 percent. Bruker had earlier forecast a 2-3 percent revenue growth.
"Third-quarter performance is consistent with our view that the company still lacks visibility into its business, confounding its ability to provide accurate guidance," Evans said.
Bruker's earnings were 20 cents per share, excluding items. Analysts on average expected 22 cents per share, according to Thomson Reuters I/B/E/S.
Revenue fell about 2 percent to $439 million, much below the average analyst estimate of $452.4 million.
Sales in the company's superconductors manufacturing business fell 27 percent.
Bruker shares were down 6 percent at $19.25.
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