Bruker Corp forecasts lower 2Q EPS range

BILLERICA, Mass. (AP) — Shares of Bruker Corp. plunged Tuesday after the scientific equipment maker said a weaker Euro and softening consumer demand hurt its second-quarter results, and earnings per share may fall.

The Billerica, Mass., company expects earnings per share to range between 5 cents and 7 cents per share, compared with the 13 cents per share it recorded in last year's quarter. It expects adjusted earnings per share of between 11 cents and 13 cents, down from 20 cents per share in the 2011 quarter.

Analysts surveyed by FactSet were expecting, on average, earnings of 21 cents per share, with estimates ranging from 12 cents to 22 cents.

The company also forecast about $420 million in revenue for the quarter, which would be an increase of about 5 percent compared to 2011.

Wall Street was projecting revenue of $435.7 million in revenue for this year's second quarter, according to FactSet.

Bruker also said in a brief statement that an increase in spending affected its results, but it provided no additional details.

The company will release more details in its quarterly report July 31.

In response, Jefferies analyst Jon Wood reduced his profit projections for the year, and cut his price target on the stock to $15.50 from $19. Wood said that the outlook "suggest the realities of a challenging government / academic demand environment are (finally) beginning to manifest in its operating trends," noting that 60 percent of the company's revenue comes from those two sources.

Wood kept a "Hold" rating on the shares, stating that the company has new leadership with a "proven track record" for improving costs and spending.

Shares of Bruker sank $1.90, or 14.3 percent, to $11.45 in afternoon trading, after earlier dropping to a $9.91, a price not seen in three years.