ImmuCor 2Q profit rises as expenses decrease
Blood-testing equipment maker ImmuCor Inc. said Thursday its profit grew 7 percent in the fiscal second quarter as it reduced its expenses to make up for a decrease in revenue.
ImmuCor said its earned $21.1 million, or 30 cents per share, in the three months ended Nov. 30. That was up from $19.7 million, or 28 cents per share, in the same period one year ago. The company said reagent sales declined, and as a result, its revenue slipped 1 percent, to $81.5 million from $82.6 million. Changes in foreign currency exchange rates also hurt its sales.
Analysts had forecast a smaller profit of 27 cents per share and $80 million in revenue, according to estimates compiled by Thomson Reuters.
The company said it cut its operating expenses by about $1 million. Its sales costs also fell.
ImmuCor maintained its profit and revenue forecasts for fiscal 2011, saying it expects net income of $1.08 to $1.18 per share and $320 million to $332 million in revenue. On average, analysts are estimating a profit of $1.13 per share on revenue of $326.2 million.
ImmuCor stock lost 27 cents to $19.31 Thursday before the release of the earnings report. In aftermarket trading, the shares jumped $1.19, or 6.2 percent, to $20.50.