RTTNews | Nov 5, 2020 06:54AM EST

06:53 Thursday, November 5, 2020 (RTTNews.com) - Life sciences company Bio-Techne Corp. (TECH) reported Thursday that its first-quarter net earnings surged to $33.40 million or $0.83 per share from $14.40 million or $0.37 per share in the prior-year quarter.

Excluding items, adjusted earnings were $1.43 per share, compared to $1.06 per share in the year-ago quarter.

Net sales for the quarter rose 11 percent to $204.20 million from last year's $183.24 million. Organic revenue growth was 10 percent.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.09 per share on revenues of $185.03 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead, the company said it is anticipating a positive long-term outlook for sales growth resulting from expected future funding increases within life-science research in response to the current pandemic.

Separately, the company said its board of directors decided to pay a dividend of $0.32 per share for the quarter ended September 30, 2020, payable November 27, 2020 to all common shareholders of record on November 16, 2020.

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