RTTNews | Nov 2, 2021 06:50AM EDT

06:49 Tuesday, November 2, 2021 (RTTNews.com) - Life sciences company Bio-Techne Corp. (TECH) reported Tuesday that first-quarter net earnings surged to $69.62 million or $1.69 per share from $33.40 million or $0.83 per share in the prior-year quarter.

Excluding items, adjusted earnings were $1.83 per share, compared to $1.43 per share in the year-ago quarter.

Net sales for the quarter increased 26 percent to $257.72 million from last year's $204.20 million. Organic revenue increased 21 percent, with acquisitions contributing 4% and foreign currency exchange having a favorable impact of 1%.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.72 per share on revenues of $252.42 million for the quarter. Analysts' estimates typically exclude special items.

Separately, the company's Board of Directors decided to pay a dividend of $0.32 per share for the quarter ended September 30, 2021, payable November 26, 2021 to all common shareholders of record on November 12, 2021.

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