Illumina shares rally on company earnings, revenue outlook
Shares of Illumina Inc. rallied more than 7% late Monday after the genomics company reported better-than-expected second-quarter results and predicted 20% sales growth for the year. Illumina said it earned $209 million, or $1.41 a share, in the quarter, compared with $128 million, or 87 cents a share, in the year-ago period. Adjusted for one-time items, Illumina earned $212 million, or $1.43 a share, compared with $121 million, or 82 cents a share, a year ago. Revenue rose 25% to $830 million, from $662 million a year ago, thanks to “broad demand across applications, systems and geographies,” the company said in a statement. Analysts polled by FactSet had expected adjusted earnings of $1.11 a share on sales of $787 million. Illumina said it expects revenue growth of about 20%, GAAP EPS between $5.10 and $5.20, and adjusted EPS between $5.35 and $5.45 for the year. The analysts surveyed by FactSet expect 2018 adjusted EPS of $4.87.