July 31, 2012 / 8:55 PM / 5 years ago

CORRECTED-UPDATE 1-Life Tech reins in 2012 forecast; cites forex, Europe

(Corrects second bullet point to read Sees 2012 EPS $3.90-$4.00)

* Q2 EPS $0.96 excluding items vs Street view $0.97

* Sees 2012 EPS $3.90-$4.00 vs prior view $3.90 to $4.05

* Revenue up 1 percent to $950 million

July 31 (Reuters) - Life Technologies Corp on Tuesday lowered the high end of its full year profit forecast and said revenue would come in at the low end of its prior outlook, citing unfavorable foreign exchange rates and weakness in Europe.

“Based primarily on increased headwinds from currency and an incrementally more conservative outlook for our European operations, we are revising our 2012 guidance,” Chief Executive Gregory Lucier said in a statement.

The maker of genetic testing equipment and products used in biotechnology research and development 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.

On a conference call with analysts, Lucier said the company began to see a weakening in European markets at the end of the second quarter. The stronger dollar versus the euro also decreases profits of goods sold overseas.

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.

Excluding items, Life Tech said it earned 96 cents per share, missing analysts’ average expectations by a penny, according to Thomson Reuters I/B/E/S.

Revenue for the quarter edged 1 percent higher to $950 million, surpassing Wall Street estimates of $943.6 million. (Reporting by Bill Berkrot; Editing by Phil Berlowitz, Bernard Orr)

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