Shares of Bruker Corporation (BRKR), a leading provider of scientific instruments and analytical solutions, plummeted by as much as 7.80% in early trading on Monday, following the release of the company's third-quarter 2024 financial results and lowered guidance for the full year.
For the third quarter, Bruker reported non-GAAP earnings per share of $0.60, narrowly beating analysts' expectations of $0.59. However, revenue of $864.4 million, while surpassing the consensus estimate of $859.4 million, fell short of investors' expectations. The company's adjusted earnings per share declined from $0.74 in the year-ago period, indicating potential challenges in its core markets.
Compounding the disappointment, Bruker lowered its full-year 2024 guidance, now expecting revenue in the range of $3.34 billion to $3.37 billion, down from its previous forecast of $3.38 billion to $3.44 billion. The company also revised its non-GAAP earnings per share guidance for 2024 to a range of $2.36 to $2.41, below the previous guidance of $2.59 to $2.64. These revisions fell short of analysts' consensus estimates, raising concerns about the company's growth prospects and profitability.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.