Invitrogen Corporation (IVGN), which recently approved a two-for-one stock split, is trading near a 52-week high after reporting a robust first quarter. Earnings per share increased by 36% year-over-year and revenues grew by 13.5% rise in revenues over the same time period. Wall Street estimates have been climbing higher. All 13 covering analysts upped last month's full-year 2008 forecasts of $4.53 per share to $4.80, and one analyst further increased the projection by a penny.
Invitrogen Corporation provides products and services that support academic and government research institutions and pharmaceutical and biotech companies worldwide in their efforts to improve the human condition. The company provides essential life science technologies for disease research, drug discovery, and commercial bioproduction.
Invitrogen's own research and development efforts are focused on breakthrough innovation in all major areas of biological discovery including functional genomics, proteomics, stem cells, cell therapy and cell biology -- placing Invitrogen's products in nearly every major laboratory in the world.
The company recently approved its first two-for-one stock split. Invitrogen noted that it established May 16, 2008, as the record date and May 27, 2008, as the date on which additional shares will be distributed to shareholders.
"Today's decision by the Board of Directors reflects the company's strong financial performance and confidence in our long-term strategy," said Greg Lucier, Invitrogen's Chairman and Chief Executive Officer. "The end markets for our technologies are solid, and we remain well positioned to capitalize on the growth opportunities we see in the future."
Strong First Quarter
The company's share price received a nice boost after the release of first-quarter results last week, and is now trading near a 52-week high.
The quarterly report boasted robust growth, which included a 36% year-over-year increase in earnings per share and a 13.5% rise in revenues over the same time period.
Wall Street estimates have been climbing higher. All 13 covering analysts upped last month's full-year 2008 forecasts of $4.53 per share to $4.80, and one analyst further increased the projection by a penny.
The company's return on equity [ROE] of 13% stands well above the industry average of 8%.