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Sigma-Aldrich (NASDAQ: SIAL) Reports Q2 2013 Sales And Adjusted EPS Of $681 Million And $1.05, Respectively, Both Record



 Sigma-Aldrich (NASDAQ: SIAL) Reports Q2 2013 Sales And Adjusted EPS Of $681
 Million And $1.05, Respectively, Both Record Quarterly Highs. Reaffirms Full
Year 2013 Organic Sales Outlook. Updates Diluted Adjusted EPS Outlook To A New
  Range Of $4.05 To $4.15 Due To Changes In Foreign Currency Exchange Rates.
                Declares $0.215 Per Share Quarterly Dividend.

PR Newswire

ST. LOUIS, July 23, 2013

ST. LOUIS, July 23, 2013 /PRNewswire/ --

HIGHLIGHTS:

Q2 2013 Results (all percentages are to comparable periods in 2012)

  o Q2 2013 reported sales increased 3% to $681 million.  Organic sales growth
    was 4%.  Organic sales growth by business unit was 3% for Research, 6% for
    Applied and 2% for SAFC Commercial.  Changes in foreign currency exchange
    rates reduced otherwise reportable overall sales by 1%. 
  o Q2 2013 reported diluted EPS was $0.98 compared to Q2 2012 reported
    diluted EPS of $0.94.  Adjusted diluted EPS, excluding other charges, was
    $1.05 as compared to Q2 2012 adjusted diluted EPS of $0.97, an increase of
    8%. 
  o First half 2013 net cash provided by operating activities increased by 19%
    to $269 million, and first half 2013 free cash flow increased by 31% to
    $220 million.
  o In June, the Company's Board of Directors approved a quarterly cash
    dividend of $0.215 per share to be paid on September 13, 2013 to
    shareholders of record on August 30, 2013.

2013 Outlook (all percentages are to comparable periods in 2012)

  o Full-year organic sales growth guidance is unchanged and expected to be in
    the low-to-mid single digit range. 
  o At current exchange rates, full-year reported sales are expected to be
    negatively impacted by about 2% versus a year ago.  Diluted EPS is
    expected to be negatively impacted by about $0.10 versus a year ago, which
    is $0.05 higher than our previous outlook.
  o Full-year adjusted diluted EPS is now expected to be in a range of $4.05
    to $4.15 versus a prior range of $4.10 to $4.20 due to incremental changes
    in foreign currency exchange rates.  Net cash provided by operating
    activities and free cash flow is expected to exceed $560 million and $430
    million, respectively.

 

CEO's STATEMENT:  

Commenting on second quarter 2013 performance, President and CEO Rakesh
Sachdev said, "I am pleased to report record quarterly sales and adjusted
diluted EPS of $681 million and $1.05, respectively.  We generated solid
organic sales growth across all business units and regions with six of our
eight segments improving sequentially over the first quarter 2013.  We
continue to generate strong free cash flow, and we remain on track to achieve
our 2013 full-year organic sales growth.

I am pleased with the progress that we saw in our Research business in the
second quarter and continue to be encouraged by the response that we are
seeing in our Applied business.  Through the more intimate approach we are now
taking with our customers, our teams are identifying and providing solutions
that better meet their needs.  This has resulted in opportunities with new
customers and deepening our relationship with existing customers, both of
which should positively impact us in the second half of the year and beyond.

All segments in our Research business unit showed positive and improving
organic sales growth.  Pharma Research sales continued its four-quarter
improvement trend, and sales through our Dealer channels continued to post
solid growth in EMEA (Europe, Middle East, Africa) and APAC (Asia Pacific). 
While we continue to see weaker academic demand in the US primarily due to
sequestration and budget uncertainties, we did see improvement over the first
quarter of this year.  New products such as labeling technology, metabolomic
kits, proteins and antibodies, contributed to our sales growth.  We are also
seeing good initial response in customer-intimacy initiatives like Aldrich
Market Select and translational research activity.

All segments in our Applied business unit also showed positive and improving
organic sales growth, led by high-single digit growth in Diagnostics & Testing
and low-to-mid single digit growth in Industrial.  Our Applied teams are doing
an excellent job since the launch of the new business unit, led by multiple
Diagnostic & Testing wins in standards and OEM sales.  Industrial sales also
improved from the first quarter, as sales in EMEA and APAC strengthened.

SAFC Commercial organic sales growth of 2% in the quarter fell short of our
expectations.  This was driven primarily by a challenging chemical precursor
market for the LED industry served by our Hitech segment.  Excluding the
decline in Hitech, which comprises less than 5% of overall sales, SAFC
Commercial sales would have organically grown in the mid-to-high single
digits.

SAFC Life Science Products had another strong quarter of high-single digit
organic sales growth, led by strong double digit growth in contract
manufacturing and high-single digit growth in biopharma.  Life Science
Services grew low-single digits, marking an improvement over the first quarter
of 2013.

We continue to generate strong cash flow.  In the first six months of 2013, we
increased our free cash flow by 31% to $220 million compared to the same
period last year.  We continue to maintain the disciplined approach to capital
deployment for M&A, dividends and share repurchases that has served us well in
generating long-term shareholder value."

Q2 2013 RESULTS:

Reported sales for the second quarter of 2013 were $681 million, a 3% increase
from the same quarter in 2012.  Organic sales growth in the quarter was 4%. 
Changes in foreign currency exchange rates caused sales to decline by 1%. 

Research ($353 million in sales, 52% of overall sales)

  o Organic sales grew by 3%.  Changes in foreign currency exchange rates
    reduced overall Research growth by 1%.
  o Academic/Government organic sales growth was in the low-single digits
    despite the challenging macro-economic climate.  Growth contribution was
    broad-based across all product categories.  Geographically, EMEA and APAC
    grew with a decline in North America due primarily to sequestration.
  o Pharma organic sales growth was in the low-to-mid single digits, which
    continues a four-quarter trend of sequential improvement, led by a return
    to growth in sales to large pharma accounts.
  o Organic sales growth through our Dealer network was in the mid-single
    digits and posted strong growth globally.

Applied ($160 million in sales, 23% of overall sales)

  o Organic sales grew by 6%.  Changes in foreign currency exchange rates had
    minimal impact on overall sales growth. 
  o Diagnostics & Testing organic sales growth was in the high-single digits. 
    Sales of standards and certified reference materials grew low double
    digits.
  o Industrial organic sales growth was in the low-to-mid single digits.  EMEA
    demand improved from the first quarter of 2013 and shows a growing
    pipeline for the second half of the year.    

SAFC Commercial ($168 million in sales, 25% of overall sales)

  o Organic sales grew 2%.  Changes in foreign currency exchange rates had
    minimal impact on overall sales growth.  
  o Life Science Products organic sales growth was in the high-single digits. 
    Contract manufacturing again grew in the strong double digits led by our
    unique offering of high potency compounds.  Biopharma materials, including
    cell culture media, grew in the high-single digits.
  o Life Science Services organic sales growth was in the low-single digits,
    an improvement over the first quarter of the year.
  o Hitech organic sales declined double-digits.  The year-over-year decline
    was almost entirely due to weakness in sales to the LED market caused by
    price declines of metal organic precursors and lower volumes in the
    quarter.  Sales to the LED market represent about half of Hitech sales.

Adjusted operating income margin in the second quarter of 2013 was 26.1%. 
This excludes other charges of $12 million related to M&A activity and a
settlement of a licensing dispute.  Compared to same period in the prior year,
our adjusted operating income margin improved by 30 basis points. 

The effective tax rate for the second quarter of 2013 was 28% compared to 31%
in the same period last year.  The lower effective tax rate for this quarter
as compared to the second quarter of 2012 is primarily attributable to
increased benefits from favorable tax rates in foreign jurisdictions.

For the first half of 2013, free cash flow was $220 million as compared to
$168 million in the same period last year.

Other second quarter 2013 highlights include:

  o Worldwide sales of Research and Applied products through the Company's
    e-commerce channels represented 47% of combined sales in the quarter for
    these two business units.  Total visits increased by 32% as information
    content initiatives such as Pubget, a comprehensive online source for
    scientific publications, drove higher web traffic during the quarter.
  o Organic sales growth in the Americas region was in the low-single digits. 
    Organic sales growth in the EMEA region was in the mid-single digits.
  o Organic sales growth in the APAC region was in the low-single digits. 
    Research and Applied organic sales growth in developed regions was flat
    and was in the double-digits in emerging regions.  Research and Applied
    organic sales growth in China grew double digits.  SAFC Commercial sales
    in APAC declined double digits primarily due to declines in Hitech.

2013 OUTLOOK:

  o 2013 overall organic sales growth outlook is unchanged and expected to be
    in the low-to-mid single digit range.

       o In the second half of 2013, Research organic sales growth is expected
         to be in the low-to-mid single digit range versus prior guidance of
         low-single digits.
       o In the second half of 2013, Applied organic sales growth is expected
         to be in the mid-single digit range.
       o In the second half of 2013, SAFC Commercial is expected to be near
         the low end of prior guidance of mid-to-high single digit organic
         sales growth.  The primary driver is lower expectations for Hitech
         Electronics markets.  

  o Changes in foreign currency exchange rates are expected to reduce overall
    sales growth by 2% for the full year.  This is expected to have a $0.10
    negative impact, net of hedges, to full-year diluted adjusted EPS with the
    negative impact anticipated to be higher in the fourth quarter than in the
    third quarter.
  o 2013 adjusted diluted EPS forecast is now expected to be in a range of
    $4.05 to $4.15, which is $0.05 lower than prior guidance of a range of
    $4.10 to $4.20, due to incremental changes in foreign currency exchange
    rates. 
  o The full-year effective tax rate is expected to be about 28%.
  o Free cash flow is expected to exceed $430 million. 

       o Net cash provided by operating activities is expected to exceed $560
         million.
       o Capital expenditures are expected to be approximately $130 million.

OTHER INFORMATION:

Cash Flow and Debt:  Net cash provided by operating activities for the first
half of 2013 was $269 million compared to $226 million for the same period in
2012.  Capital expenditures in the first half of 2013 were $49 million
compared to $58 million in the same period last year.  For the first half of
2013, free cash flow of $220 million was used to return $108 million to
shareholders through share repurchases and dividends.  The Company's debt to
capital ratio was 14% at June 30, 2013 and 21% at December 31, 2012. 

Share Repurchases:  In the second quarter of 2013, the Company repurchased
350,000 shares for $29 million.  There were 120 million shares outstanding at
June 30, 2013.  The Company expects to continue to offset the dilutive impact
of issuing share-based incentive compensation with future repurchases, the
timing and amount of which will depend upon market conditions and other
factors.

Conference Call Information:  The Company will hold its quarterly conference
call to discuss second quarter 2013 financial results on Tuesday, July 23,
2013, at 11:00 AM EDT.  To listen, please call (877) 266-0483 (Domestic) or
(707) 287-9342 (International) and use Conference ID#:  45732738.  Details to
listen and view the presentation slides via the Internet can be found at
http://investor.sigmaaldrich.com/.

A replay of the call will be available from 7/23/2013 to 7/30/2013.  For the
replay, please call (855) 859-2056 (Domestic) or (404) 537-3406
(International) and use Conference ID# 45732738 or go to
http://investor.sigmaaldrich.com/ under "Presentations & Events."

Cautionary Statement:  This release contains forward-looking statements.  Such
statements involve risk and uncertainty, including financial, business
environment and projections.  Such statements are preceded by, followed by or
that include the words "expected," "expects," "reaffirm," "on track,"
"forecast," "would," "estimate," "will," or similar expressions, and other
statements contained herein regarding matters that are not historical facts. 
Additionally, this release contains forward-looking statements relating to
future performance, goals, strategic actions and initiatives and similar
intentions and beliefs, including, without limitation, statements with respect
to the Company's expectations, goals, beliefs, intentions and the like
regarding future sales, earnings, return on equity, return on invested
capital, cost savings, process improvements, free cash flow, share
repurchases, capital expenditures, acquisitions and other matters.  These
statements are based on assumptions regarding the Company operations,
investments, acquisitions and conditions in the markets the Company serves. 
The Company believes these statements are reasonable and well founded.  Such
statements in this release are subject to risks and uncertainties, including,
among others, certain economic, political and technological factors.  Actual
results could differ materially from those stated or implied in this release,
due to, but not limited to, such factors as (1) global economic conditions and
other factors affecting the creditworthiness of our customers around the
world, (2) changes in pricing and the competitive environment and the global
demand for the Company's products, (3) changes in foreign currency exchange
rates, (4) changes in research funding and the success of research and
development activities, (5) failure of planned sales initiatives in our
Research, Applied and SAFC Commercial business units, (6) dependence on
uninterrupted manufacturing operations and a global supply chain, (7) changes
in the regulatory environment in which the Company operates, (8) changes in
worldwide tax rates or tax benefits from domestic and international
operations, including the matters described in Note 11 – Income Taxes, to the
Company's consolidated financial statements included in Item 8 of Part II of
the Company's Annual Report on Form 10-K for the year ended December 31, 2012
(the "10-K"), (9) exposure to litigation including product liability claims,
(10) the ability to maintain adequate quality standards, (11) reliance on
third party package delivery services, (12) an unanticipated increase in
interest rates, (13) other changes in the business environment in which the
Company operates, (14) acquisitions or divestitures of businesses, and (15)
the outcome of the outstanding matters described in Note 12 – Contingent
Liabilities and Commitments, to the Company's consolidated financial
statements included in Item 8, Part II of the 10-K.  A further discussion of
the Company's risk factors can be found in Item 1A of Part I of the 10-K.  The
Company does not undertake any obligation to update these forward-looking
statements.

About Sigma-Aldrich:  Sigma-Aldrich is a leading Life Science and High
Technology company whose biochemical and organic chemical products, kits and
services are used in scientific research, including genomic and proteomic
research, biotechnology, pharmaceutical development, the diagnosis of disease
and as key components in pharmaceutical, diagnostics and high technology
manufacturing.  Sigma-Aldrich customers include more than one million
scientists and technologists in life science companies, university and
government institutions, hospitals and industry.  The Company operates in 37
countries and has approximately 9,000 employees whose objective is to provide
excellent service worldwide.  Sigma-Aldrich is committed to accelerating
customer success through innovation and leadership in Life Science, High
Technology and Service.  For more information about Sigma-Aldrich, please
visit its website at www.sigma-aldrich.com.

Non-GAAP Financial Measures:  The Company supplements its disclosures made in
accordance with accounting principles generally accepted in the United States
(U.S. GAAP) with certain non-GAAP financial measures.  The Company does not,
and does not suggest investors should, consider such non-GAAP financial
measures in isolation from, or as a substitute for, GAAP financial
information.  These non-GAAP measures may not be consistent with the
presentation by other companies inside or outside of the Company's industry. 
Whenever the Company uses such non-GAAP measures, it provides a reconciliation
of such measures to the most closely applicable GAAP measure.  See the
Supplemental Financial Information on pages 9, 10 and 11 of this release for
these reconciliations.

With over 60% of sales denominated in currencies other than the U.S. dollar,
management uses currency adjusted sales growth when analyzing Company
performance, and believes it is useful as well to investors to judge the
Company's performance.  Organic sales growth data presented in this release
excludes currency and acquisitions impacts.  The Company calculates the impact
of changes in foreign currency exchange rates by multiplying current period
activity by the difference between current period exchange rates and prior
period exchange rates.  The result is the defined impact of "changes in
foreign currency exchange rates."  While we are able to report past currency
impacts, we are unable to estimate changes that may occur later in 2013 to
applicable exchange rates.  Any significant changes in currency exchange rates
would likely have a significant impact on reported growth rates due to the
volume of sales denominated in foreign currencies.

Management also uses the following non-GAAP measures to judge its performance
and ability to pursue opportunities that enhance shareholder value:  adjusted
net income and EPS; adjusted operating income margin (reconciled on page 11);
and free cash flow (defined on page 9).  Free cash flow does not necessarily
represent the residual cash flow available for discretionary expenditures. 
Management believes this non-GAAP information is useful to investors as well. 

 

SIGMA-ALDRICH CORPORATION
Consolidated Statements of Income (Unaudited)
(in millions except per share amounts)
                            Three Months Ended        Six Months Ended
                            June 30,                  June 30,
                            2013         2012         2013         2012
                            $            $            $            $          
Sales                          681                    1,356          1,329
                                          664
Cost of products and        340          324          671          634
services sold
Gross profit                341          340          685          695
Selling, general and        147          151          308          311
administrative expenses
Research and development    16           18           33           36
expenses
Other charges               12           4            12           9
Operating income            166          167          332          339
Interest, net               1            1            2            2
Income before income taxes  165          166          330          337
Provision for income taxes  46           51           89           105
                            $            $            $            $          
Net income                     119                       241            232
                                          115
Net income per share -      $            $            $            $          
Basic                         0.99                      2.01           1.92
                                         0.95
Net income per share -      $            $            $            $          
Diluted                       0.98                      1.99           1.90
                                         0.94
Weighted average number of  120          121          120          121
shares outstanding - Basic
Weighted average number of
shares outstanding -        121          122          121          122
Diluted

 

     

SIGMA-ALDRICH CORPORATION
Consolidated Balance Sheets
(in millions)
                                   (Unaudited)
                                   June 30,             December 31,
                                   2013                 2012
ASSETS
Current assets:
Cash and cash equivalents          $               562  $              
                                                         724
Accounts receivable                405                  356
Inventories                        709                  722
Deferred taxes                     33                   32
Other                              95                   95
    Total current assets           1,804                1,929
Property, plant and equipment:
Property, plant and equipment      2,020                2,011
Less - accumulated depreciation    (1,216)              (1,182)
    Property, plant and equipment, 804                  829
net
Goodwill                           671                  691
Intangibles, net                   263                  282
Other                              124                  89
Total assets                       $           3,666    $             3,820
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Notes payable                      $               129  $              
                                                         383
Accounts payable                   152                  160
Payroll                            51                   55
Income taxes                       26                   26
Other                              88                   77
    Total current liabilities      446                  701
Long-term debt                     300                  300
Pension and post-retirement        131                  135
benefits
Deferred taxes                     61                   64
Other                              75                   74
  Total liabilities                1,013                1,274
Stockholders' equity:
Common stock                       202                  202
Capital in excess of par value     305                  276
Common stock in treasury           (2,320)              (2,271)
Retained earnings                  4,459                4,270
Accumulated other comprehensive    7                    69
income
    Total stockholders' equity     2,653                2,546
Total liabilities and              $           3,666    $             3,820
stockholders' equity

 

SIGMA-ALDRICH CORPORATION
Consolidated Statements of Cash Flows (Unaudited)
(in millions)
                                              Six Months Ended
                                              June 30,
                                              2013             2012
Cash flows from operating activities:
    Net income                                $                $              
                                              241               232
    Adjustments to reconcile net income to
net cash provided by operating activities:
        Depreciation and amortization         69               67
        Deferred income taxes                 (3)              23
        Stock-based compensation expense      13               9
        Other                                 (9)              (3)
    Changes in operating assets and
liabilities:
        Accounts receivable                   (62)             (45)
        Inventories                           (1)              (28)
        Accounts payable                      (5)              (4)
        Income taxes                          3                (20)
        Other, net                            23               (5)
            Net cash provided by operating    269              226
activities
Cash flows from investing activities:
    Capital expenditures                      (49)             (58)
    Purchases of investments                  (75)             (61)
    Proceeds from sales of investments        44               40
    Acquisitions of businesses, net of cash   —                (389)
acquired
    Proceeds from sale of net assets          9                —
    Other, net                                (1)              (5)
            Net cash used in investing        (72)             (473)
activities
Cash flows from financing activities:
    Net issuance/(repayment) of short-term    (254)            227
debt
    Dividends                                 (52)             (49)
    Share repurchases                         (56)             (50)
    Proceeds from exercise of stock options   19               21
    Excess tax benefits from stock-based      5                8
payments
            Net cash provided by/(used in)    (338)            157
financing activities
Effect of exchange rate changes on cash       (21)             (3)
Net change in cash and cash equivalents       (162)            (93)
Cash and cash equivalents at January 1        724              665
Cash and cash equivalents at June 30          $                $              
                                              562               572
Reconciliation of Free Cash Flow
(in millions)
                                              Six Months Ended
                                              June 30,
                                              2013             2012
Net cash provided by operating activities     $                $              
                                              269               226
Less: Capital expenditures                    (49)             (58)
Free cash flow                                $                $              
                                              220               168

 

SIGMA-ALDRICH CORPORATION
Supplemental Financial Information - (Unaudited)
Sales Growth by
Business Unit
                 Three Months Ended
                 June 30, 2013
                                           Adjusted
                 Reported     Currency     (Organic)
     Research    2 %          (1)%         3 %
     Applied     6 %          —%           6 %
     SAFC        2 %          —%           2 %
Commercial
   Total Sales   3 %          (1)%         4 %
                 Six Months Ended
                 June 30, 2013
                                           Acquisition    Adjusted
                 Reported     Currency     Benefit        (Organic)
     Research    (1)%         (2)%         —%             1 %
     Applied     5 %          —%           1 %            4 %
     SAFC        6 %          (1)%         4 %            3 %
Commercial
   Total Sales   2 %          (1)%         1 %            2 %
Business Unit
Sales
(in millions)
                 First        Second       Third          Fourth       Total
                 Quarter      Quarter      Quarter 2013   Quarter      2013
                 2013         2013                        2013
                 $            $            $              $            $      
     Research        361          353        —                —               
                                                                       714
     Applied     159          160          —              —            319
     SAFC        155          168          —              —            323
Commercial
                 $            $            $              $            $      
   Total Sales       675          681        —                —           
                                                                       1,356
                 First        Second       Third          Fourth       Total
                 Quarter      Quarter      Quarter 2012   Quarter      2012
                 2012         2012                        2012
                 $            $            $              $            $      
     Research         372          348        335              343          
                                                                       1,398
     Applied     153          151          148            146          598
     SAFC        140          165          156            166          627
Commercial
                 $            $            $              $            $      
   Total Sales        665          664        639              655          
                                                                       2,623
Income
Statement
Ratios
                 Three Months Ended        Six Months Ended
                 June 30,                  June 30,
                 2013         2012         2013           2012
Gross profit     50.1 %       51.2 %       50.5 %         52.3 %
S,G&A expenses   21.6 %       22.7 %       22.7 %         23.4 %
Research and
development      2.4 %        2.7 %        2.4 %          2.7 %
expenses
Other charges    1.7 %        0.6 %        0.9 %          0.7 %
Operating        24.4 %       25.2 %       24.5 %         25.5 %
income
Net income       17.5 %       17.3 %       17.8 %         17.5 %
Effective tax    27.9 %       30.7 %       27.0 %         31.2 %
rate

 

SIGMA-ALDRICH CORPORATION
Supplemental Financial Information - (Unaudited)
Reconciliation of Reported Net
Income to Adjusted Net Income
                      Net Income                  Diluted Earnings 
                      (in millions)               Per Share
                      Three Months Ended          Three Months Ended
                      June 30,                    June 30,
                      2013           2012         2013           2012
Reported net income   $              $            $              $            
                        119               115      0.98            0.94
Other charges         8              3            0.07           0.03
Adjusted net income   $              $            $              $            
                        127               118      1.05            0.97
                      Net Income                  Diluted Earnings 
                      (in millions)               Per Share
                      Six Months Ended            Six Months Ended
                      June 30,                    June 30,
                      2013           2012         2013           2012
Reported net income   $              $            $              $            
                        241               232      1.99            1.90
Other charges         8              7            0.07           0.06
Adjusted net income   $              $            $              $            
                        249               239      2.06            1.96
Reconciliation of Reported
Operating Income to Adjusted
Operating Income
(in millions)
                      Three Months Ended          Six Months Ended
                      June 30,                    June 30,
                      2013           2012         2013           2012
Reported operating    $              $            $              $            
income                  166               167       332             339
Other charges         12             4            12             9
Adjusted operating    $              $            $              $            
income                  178               171       344             348
Reconciliation of Reported
Operating Income Margin to Adjusted
Operating Income Margin
                      Three Months Ended          Six Months Ended
                      June 30,                    June 30,
                      2013           2012         2013           2012
Reported operating    24.4%          25.2%        24.5%          25.5%
income margin
Other charges         1.7%           0.6 %        0.9%           0.7%
Adjusted operating    26.1%          25.8%        25.4%          26.2%
income margin
Trend of Reported Operating Income
Margin and Adjusted Operating
Income Margin
                      Three Months Ended
                      June 30,       March 31,    December 31,   September 30,
                      2013           2013         2012           2012
Reported Operating    24.4%          24.6%        25.0%          24.4%
Income Margin
Other charges         1.7%           —%           0.2%           0.6%
Adjusted Operating    26.1%          24.6%        25.2%          25.0%
Income Margin

SOURCE Sigma-Aldrich

Website: http://www.sigma-aldrich.com
Contact: Quintin Lai, Vice President, Investor Relations, (314) 898-4643
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