DOW JONES NEWSWIRES
PerkinElmer Inc.'s (PKI) third-quarter earnings fell 1.5% amid
increased charges and losses from discontinued operations, though
adjusted results increased and beat the company's forecasts as
revenue jumped by double digits.
PerkinElmer raised its 2010 earnings forecast to a range of
$1.29 to $1.31 a share from $1.24 to $1.29.
"Our double-digit organic revenue growth is a testament to the
strength we are seeing across many of our end markets," said
Chairman and Chief Executive Robert Friel. "We believe this
momentum will continue into the fourth quarter."
The company, which sells analytical products and services to the
health-care and industrial sectors, has seen strong revenue growth
lately, helped especially by its environmental health division. In
August, the company said it had agreed to sell its illumination and
detection solutions business to private-equity firm Veritas Capital
for about $500 million, planning to use the proceeds for possible
acquisitions and stock buybacks.
PerkinElmer reported a profit of $13.4 million, or 11 cents a
share, down from $13.6 million, or 12 cents a share, a year
earlier. Excluding acquisition and other impacts, earnings rose to
31 cents from 27 cents. The company had predicted 27 cents to 29
cents.
Revenue jumped 11% to $419.1 million. Analysts polled by Thomson
Reuters had most recently forecast $402 million.
Gross margin fell to 44.3% from 44.8%.
Revenue in the company's human- and environmental-health
divisions rose 8.6% and 14%, respectively.
Shares fell 1.4% to $23.74 in light after-hours trading. As of
the close, the stock had risen 17% this year.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855;
nathan.becker@dowjones.com
Order free Annual Report for PerkinElmer, Inc.
Visit http://djnewswires.ar.wilink.com/?link=PKI or call
1-888-301-0513