Shares of Brooks Automation (NASDAQ:BRKS), a worldwide provider of automation and cryogenic solutions for multiple markets including semiconductor manufacturing and life sciences, are down 10% as of 11:00 a.m. EST after the company released first-quarter results.
Despite the stock price drop, the first quarter wasn't anything to shame. Revenue during the first quarter jumped 18.4% to $189.33 million, up from the prior year's $159.96 million. Its bottom line also moved higher from the year-ago $17.30 million, or $0.25 per share, to $22.50 million, or $0.32 per share -- that result was also higher than the $0.31 per share that analysts called for.
As CEO Steve Schwartz said in a press release:
Our Semiconductor Solutions Group delivered at the high end of our expectations in both revenue and gross margin, producing 19% margin at the segment operating income line. And the Life Sciences segment provided another quarter of exceptional year-over-year revenue growth of 42%, including 22% organic growth plus the benefits of our recent strategic acquisitions. Even amid the strong semiconductor business results, Life Sciences has now grown to be 25% of total revenue.
Looking ahead, Brooks Automation estimates second-quarter revenue to check in between $195 million to $205 million and earnings per share between $0.33 and $0.41, which are solid figures. The reaction from investors seems a bit harsh, and even over the course of writing this article, the original 10% loss in share price has softened to a 6% decline.