Martek 2Q profit up on revenue boost, lower costs

Martek Biosciences Corp., which sells nutritional oils and dietary supplements, said Wednesday its fiscal 2009 second-quarter profit rose 20 percent on higher contract manufacturing revenue and a dip in costs.

The company earned $11 million, or 33 cents per share, compared with net income of $9.2 million, or 28 cents per share, during the same period a year prior. Revenue rose 2 percent to $92.4 million from $90.7 million. The fiscal second quarter ended April 30.

Analysts polled by Thomson Reuters expected profit of 29 cents per share on revenue of $89.4 million.

Infant formula sales fell 1 percent to $77.4 million while food and beverage sales fell 6 percent to $3 million. Sales of nutritional supplements and other products rose 33 percent to $6.8 million while sales of non-nutritional products fell 18 percent to $989,000.

Contract manufacturing rose 49 percent to $4.3 million from $2.9 million.

Looking ahead, the company expects full-year profit between $1.20 and $1.25 per share on revenue between $350 million and $355 million. Analysts expect profit of $1.23 per share on revenue of $365.1 million.

Shares of Martek fell $1.61, or 7.4 percent, to $20.14 in after-hours trading after rising 43 cents, or 2 percent, to close at $21.75 during the regular trading session.