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Beckman Coulter: Euro Could Hurt Growth

October 28, 2000|Reuters

Scientific instrument maker Beckman Coulter Inc. on Friday reported third-quarter profits in line with Wall Street's forecasts, but said the weak euro currency could cut its fourth-quarter sales growth by 5% to 6%.

The Fullerton company earned $29.1 million, or 93 cents a share, up 19.3% from $24.4 million, or 82 cents a share, in the third quarter last year. Sales rose 4% to $457.8 million.

Sales are expected to grow about 4% for the year, with a growth rate of 5% to 6% forecast for 2001, the company said in a statement. Net earnings should grow between 15% and 17% in 2000, and 12% to 14% in 2001.

"It is clear that currency will continue to be a wild card in 2001," Chief Executive John Wareham said. "We are employing various hedging structures to help mitigate our overall exposure created by the current strong dollar."

Beckman Coulter's stock dipped $1.13 a share to $69 on the New York Stock Exchange.

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