Brooks Automation, Inc (NASDAQ:BRKS) spoke of positive signs on the horizon in its earnings release, but results were not exactly impressive. Revenue fell 18% sequentially and adjusted EPS contracted from the previous quarter and year over year, leaving much to be desired for shareholders.
The Contribution from the BioStorage Technologies acquisition helped lift revenue in the quarter but a spike in expenses dimmed the bottom-line numbers. BioStorage contributed revenue of $6.5 million and operating profit of $0.2 million to the results. It is worth noting that the figures cited only reflect one month of operation with BioStorage as part of Brooks. The company closed the $125.5 million acquisition of BioStorage on November 30, 2015, and the just reported for the quarter ended on December 31, 2015.
At a glance
Revenue of $120 million shrunk 18% from the previous quarter, a development that management seemed to blame on problems in the semiconductor capital equipment market. The quarter’s top-line results would have been much lower had BioStorage not helped offset weakness in semiconductor segment.
As for the bottom line, Brooks posted adjusted EPS of $0.02, which compared with $0.17 in the previous quarter and $0.05 last year. The weak EPS in the latest quarter seems to have been due both to decline in revenue and a spike in expenses. Brooks reported that adjusted operating expenses rose $2.7 million from the prior quarter to $42.2 million in the latest quarter.
Brooks further reported that the company exited the quarter with total order bookings of $140.8 million without accounting for the orders coming through the recently acquired BioStorage. Total bookings at the end of the previous quarter were $113.5 million, which indicates a decent organic increase in bookings sequentially.
Outlook and dividends
Brooks is looking for revenue in the band of $133 to $137 million in the current quarter. Adjusted EPS is expected to come in the range of $0.03 to $0.05.
The board of Brooks has approved a quarterly cash dividend of $0.10 per share, which will be distributed to shareholders on March 24. Shareholders of record as of March 4 will be eligible for the dividend payout.