Bruker (BRKR) Q2 FY2024 earnings: revenue $801 million, up 17.4% on the year

Bruker Corp. (BRKR) reported revenue of $801 million for Q2 FY2024, the quarter ended 30 June 2024, up 17.4% on the same quarter a year earlier. Net income was $8 million, down 86.7% on the year, and diluted earnings per share $0.05. The figures are the company's own, from the 10-Q it filed with the SEC on 9 August 2024.

Revenue$801 millionup 17.4%

Net income$8 milliondown 86.7%

Diluted EPS$0.05

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	801	722	n/a	n/a
Cost of revenue	416	369	n/a	n/a
Gross profit	385	353	n/a	n/a
Gross margin	48.0%	48.9%	n/a
Research and development	92.2	81.8	n/a	n/a
Selling, general and administrative	221	195	n/a	n/a
Operating income	48.1	64.8	n/a	n/a
Operating margin	6.0%	9.0%	n/a
Interest expense	15.7	5.0	n/a	n/a
Pre-tax income	23.9	71.6	n/a	n/a
Income tax	16.1	19.8	n/a	n/a
Effective tax rate	67.4%	27.7%	n/a
Net income	7.6	50.9	n/a	n/a
Net margin	0.9%	7.1%	n/a
Diluted EPS	$0.05	$0.35	n/a	n/a

$ million except per share.

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

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	1.1	21.8	n/a	n/a
Capital expenditure	24.6	21.4	n/a	n/a
Free cash flow	-23.5	0.4	n/a	n/a
Free cash flow margin	-2.9%	0.1%	n/a
Cash from investing	-1,325	-304	n/a	n/a
Cash from financing	1,156	152	n/a	n/a
Depreciation and amortisation	45.1	34.7	n/a	n/a
Share-based compensation	5.1	5.3	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	7.7	7.3	n/a	n/a
Dividend per share	$0.05	$0.05	n/a	n/a
Diluted shares, weighted	148m	146m	n/a	n/a
Shares outstanding at period end	151m	145m	n/a	n/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

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	1,789	1,415	n/a	n/a
Non-controlling interest	17.8	17.6	n/a	n/a
Redeemable equity	17.5	17.9	n/a	n/a
Debt	2,158	1,378	n/a	n/a
Operating lease liabilities	111	85.7	n/a	n/a
Other liabilities	1,808	1,591	n/a	n/a
Total liabilities and equity	5,903	4,506	n/a	n/a
Fixed assets	657	586	n/a	n/a
Goodwill	1,444	752	n/a	n/a
Intangible assets	1,024	449	n/a	n/a
Cash and equivalents	170	340	n/a	n/a
Receivables	507	475	n/a	n/a
Inventory	1,176	1,060	n/a	n/a
Other assets	925	843	n/a	n/a
Total assets	5,903	4,506	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	743	854	722	801	864	980	801	797	860	977	823	838
Cost of revenue	360	424	369	416	446	486	410	440	481	528	444	422
Gross profit	383	430	353	385	419	493	391	358	379	449	380	416
Gross margin	52%	50%	49%	48%	48%	50%	49%	45%	44%	46%	46%	50%
R&D	71.3	83.5	81.8	92.2	98.1	104	97.1	100	98.3	99.6	101	94.3
SG&A	178	211	195	221	230	247	225	231	242	247	242	239
Operating income	124	104	64.8	48.1	68.1	72.1	31.8	11.9	-51.8	76.3	10.2	-65.3
Operating margin	17%	12%	9%	6%	8%	7%	4%	1%	-6%	8%	1%	-8%
Interest expense	3.9	12.2	5.0	15.7	11.6	15.6	13.1	15.7	20.3	11.2	12.2	17.8
Pre-tax income	119	241	71.6	23.9	55.3	56.1	25.1	0.5	-71.8	68.2	21.9	-40.7
Tax rate	26%	15%	28%	67%	27%	73%	35%	-620%	n/a	55%	11%	n/a
Net income	88.1	206	50.9	7.6	40.9	13.7	17.4	7.6	-59.6	26.0	14.4	-52.0
Net margin	12%	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 flow	44.1	206	21.8	1.1	38.4	190	65.0	-128	-33.2	230	71.2	-77.4
Capital expenditure	26.9	31.5	21.4	24.6	32.6	36.7	26.0	21.3	20.9	22.6	24.2	28.8
Free cash flow	17.2	174	0.4	-23.5	5.8	153	39.0	-149	-54.1	207	47.0	-106
Buybacks	79.5	50.4	0.0	0.0	0.0	0.0	10.0	0.0	0.0	0.0	0.0	n/a
Dividends paid	7.4	7.3	7.3	7.7	7.6	7.6	7.7	7.6	0.0	7.5	7.6	7.5
Shares outstanding	146m	145m	145m	151m	152m	152m	152m	152m	151m	152m	152m	152m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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-Q for the period ended 30 June 2024, filed 9 August 2024, accession 0000950170-24-094832: the filing on EDGAR. All of Bruker Corp.'s filings: EDGAR company page.

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