Illumina Earnings: Strong Performance

Illumina Inc. (NASDAQ:ILMN) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 1.20%.

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Illumina Inc. Earnings Cheat Sheet

Results: Net income increased 386.35% to $57 million (42 cents per diluted share) in the quarter versus a net gain of $11.72 million in the year-earlier quarter.

Revenue: Rose 23.69% to $309.3 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Illumina Inc. reported adjusted net income of 42 cents per share. By that measure, the company beat the mean analyst estimate of $0.41. It beat the average revenue estimate of $305.44 million.

Quoting Management: “We are very pleased with our execution in 2012,” stated Jay Flatley, President and CEO. “We ended the year with a strong performance, and made significant progress on our strategy of growing our clinical business, both organically and through acquisition…

…We remain optimistic about our growth prospects in 2013 and beyond, in spite of the continuing challenges of the economic environment.”

Key Stats:

Revenue increased 8.2% from $285.87 million in the previous quarter. Net income increased 91.6% from $29.75 million in the previous quarter.

Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.42 to a profit $0.41. For the current year, the average estimate is a profit of $1.58, which is the same with that ninety days ago.

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(Company fundamentals provided by Xignite Financials.)