PerkinElmer notches modest sales growth

PerkinElmer notches modest sales growth

New product launches in Q2 show great potential.

PerkinElmer Inc. (NYSE: PKI), a global leader focused on improving the health and safety of people and the environment, today reported financial results for the second quarter ended June 29, 2014.

The Company reported GAAP earnings per share from continuing operations of $0.46, compared to $0.24 in the second quarter of 2013. Revenue in the second quarter of 2014 was $556.2 million, as compared to $540.7 million in the second quarter of 2013. GAAP operating income from continuing operations for the second quarter of 2014 was $69.6 million, compared to $40.2 million in the second quarter of 2013. GAAP operating profit margin from continuing operations was 12.5 percent in the second quarter of 2014, compared to 7.4 percent in the second quarter of 2013.

Adjusted earnings per share was $0.59, compared to $0.51 in the second quarter of 2013. Adjusted revenue and organic revenue both increased 2 percent compared to the second quarter of 2013. Adjusted revenue was $556.6 million, compared to $544.5 million in the second quarter of 2013. Adjusted operating income for the second quarter of 2014 was $93.3 million, compared to $85.4 million for the same period a year ago. Adjusted operating profit margin increased 110 basis points to 16.8 percent as a percentage of adjusted revenue. For the Company’s non-GAAP financial measures, adjustments have been noted in the attached reconciliations.

“I am pleased with our progress at this point in the year as evidenced by our strong first half financial performance and our continued success in building a more effective organization,” said Robert Friel, chairman and chief executive officer of PerkinElmer. “Our focus on developing new and innovative solutions will result in a number of new product launches in the second half of this year, giving us confidence in our ability to deliver on our full year commitments.”

Cash flow
For the six months ending June 29, 2014, operating cash flow from continuing operations was $122.6 million as compared to $39.9 million for the same period a year ago.

 

Financial overview by reporting segment for second quarter 2014

Human Health:

  • Revenue of $307.5 million, as compared to $297.3 million for the second quarter of 2013.
  • Operating income of $52.6 million, as compared to $30.6 million for the same period a year ago.
  • Adjusted revenue of $307.9 million, as compared to $301.1 million for the second quarter of 2013. Adjusted revenue increased 2 percent and organic revenue increased 1 percent.
  • Adjusted operating income of $70.8 million, as compared to $64.6 million for the same period a year ago.
  • Adjusted operating profit margin was 23.0 percent as a percentage of adjusted revenue, an increase of approximately 150 basis points as compared to the second quarter of 2013.

Environmental Health

  • Revenue of $248.7 million, as compared to $243.4 million for the second quarter of 2013. Revenue and organic revenue increased 2 percent.
  • Operating income of $30.9 million, as compared to $19.3 million for the same period a year ago.
  • Adjusted operating income of $32.9 million, as compared to $30.5 million for the same period a year ago.
  • Adjusted operating profit margin was 13.2 percent as a percentage of revenue, an increase of approximately 70 basis points as compared to the second quarter of 2013.

 

Financial guidance – full year 2014 – updated
For the full year 2014, the Company forecasts organic revenue to increase in the mid-single digit range relative to 2013. For the full year 2014, the Company now forecasts GAAP earnings per share from continuing operations in the range of $1.89 to $1.93 and reiterates on a non-GAAP basis, which is expected to include the adjustments noted in the attached reconciliation, adjusted earnings per share in the range of $2.42 to $2.46.

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