Beckman Coulter Inc. on Thursday forecast a sharp increase in 2010 profit but the outlook still fell below Wall Street expectations.
The biomedical test equipment manufacturer forecast 2010 earnings per share of $4.40 to $4.55, up 63 to 68 cents from 2009 results. But on average, analysts surveyed by Thomson Reuters are forecasting higher profit of $4.56 per share.
Beckman said its 2010 recurring revenue will rise about 7 percent, not including sales from the lab-based diagnostics business it acquired from Olympus Corp. Orange County, Calif.-based Beckman, which had previously blamed a drop in third-quarter profit on the $780 million buyout of the diagnostics unit, said it expects the unit to contribute about $480 million to $500 million in 2010 revenue.
Company stock gave up 86 cents to $65.74 in Thursday trading, and slid 74 cents to $65 after-hours.