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Bruker (BRKR) Q4 FY2023 earnings: revenue $854 million, up 20.6% on the year

Bruker Corp. (BRKR) reported revenue of $854 million for Q4 FY2023, the quarter ended 31 December 2023, up 20.6% on the same quarter a year earlier. Net income was $206 million, up 111.0% on the year, and diluted earnings per share $1.41. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue$854 millionup 20.6%
Net income$206 millionup 111.0%
Diluted EPS$1.41
QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Revenue854743n/an/a
Cost of revenue424360n/an/a
Gross profit430383n/an/a
Gross margin50.4%51.5%n/a
Research and development83.571.3n/an/a
Selling, general and administrative211178n/an/a
Operating income104124n/an/a
Operating margin12.1%16.8%n/a
Interest expense12.23.9n/an/a
Pre-tax income241119n/an/a
Income tax37.130.8n/an/a
Effective tax rate15.4%25.8%n/a
Net income20688.1n/an/a
Net margin24.0%11.9%n/a
Diluted EPS$1.41$0.60n/an/a
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Operating cash flow20644.1n/an/a
Capital expenditure31.526.9n/an/a
Free cash flow17417.2n/an/a
Free cash flow margin20.4%2.3%n/a
Cash from investing-36.8-155n/an/a
Cash from financing-59.9-92.5n/an/a
Depreciation and amortisation37.326.6n/an/a
Share-based compensation6.24.8n/an/a
Buybacks50.479.5n/an/a
Dividends paid7.37.4n/an/a
Dividend per sharen/a$0.05n/an/a
Diluted shares, weighted146m147mn/an/a
Shares outstanding at period end145m146mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Shareholders' equity1,3771,209n/an/a
Non-controlling interest17.418.3n/an/a
Redeemable equity18.717.1n/an/a
Debt1,2821,220n/an/a
Operating lease liabilities74.8n/an/an/a
Finance lease liabilities15.8n/an/an/a
Other liabilities1,4641,356n/an/a
Total liabilities and equity4,2503,820n/an/a
Fixed assets600527n/an/a
Goodwill583561n/an/a
Intangible assets330292n/an/a
Cash and equivalents488364n/an/a
Receivables492485n/an/a
Inventory968916n/an/a
Other assets788675n/an/a
Total assets4,2503,820n/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue743854722801864980801797860977823838
Cost of revenue360424369416446486410440481528444422
Gross profit383430353385419493391358379449380416
Gross margin52%50%49%48%48%50%49%45%44%46%46%50%
R&D71.383.581.892.298.110497.110098.399.610194.3
SG&A178211195221230247225231242247242239
Operating income12410464.848.168.172.131.811.9-51.876.310.2-65.3
Operating margin17%12%9%6%8%7%4%1%-6%8%1%-8%
Interest expense3.912.25.015.711.615.613.115.720.311.212.217.8
Pre-tax income11924171.623.955.356.125.10.5-71.868.221.9-40.7
Tax rate26%15%28%67%27%73%35%-620%n/a55%11%n/a
Net income88.120650.97.640.913.717.47.6-59.626.014.4-52.0
Net margin12%24%7%1%5%1%2%1%-7%3%2%-6%
Diluted EPS$0.60$1.41$0.35$0.05$0.27$0.09$0.11$0.05-$0.41$0.10$0.02-$0.41
Operating cash flow44.120621.81.138.419065.0-128-33.223071.2-77.4
Capital expenditure26.931.521.424.632.636.726.021.320.922.624.228.8
Free cash flow17.21740.4-23.55.815339.0-149-54.120747.0-106
Buybacks79.550.40.00.00.00.010.00.00.00.00.0n/a
Dividends paid7.47.37.37.77.67.67.77.60.07.57.67.5
Shares outstanding146m145m145m151m152m152m152m152m151m152m152m152m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 29 February 2024, accession 0000950170-24-023038: the filing on EDGAR. All of Bruker Corp.'s filings: EDGAR company page.

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