Shares of Life Technologies Corp. the company formed when Invitrogen bought Applied Biosystems last July jumped to a new year high Wednesday after the biotechnology company topped Wall Street's profit expectations for the second quarter and raised its full-year guidance.
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The stock gained $3.32, or 7.7 percent, to $46.23 in afternoon trading. Shares earlier peaked at $46.48, eclipsing a previous 52-week high of $44.65 set nearly a year ago.
The stock gained $3.32, or 7.7 percent, to $46.23 in afternoon trading. Shares earlier peaked at $46.48, eclipsing a previous 52-week high of $44.65 set nearly a year ago . On Tuesday, the company posted income of $38.9 million, or 22 cents per share. In the year-ago quarter, before the combination of Invitrogen with Applied Biosystems, Invitrogen posted income of $46.9 million, or 48 cents per share. Excluding buyout and other charges, Life Technologies earned 79 cents per share in the latest quarter.
Revenue more than doubled to $832.8 million from $367.8 million.Analysts polled by Thomson Reuters expected profit of 66 cents per share on revenue of $802.8 million.
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