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PerkinElmer 2Q Profit Down 50% On Expenses; Raises Outlook

DOW JONES NEWSWIRES PerkinElmer Inc.'s (PKI) second-quarter earnings fell 50% on higher expenses and write-downs, masking double-digit sales growth in the human and environmental health segments. The company, which sells analytical products and services to the health-care and industrial sectors, raised its full-year earnings guidance to $1.64 to $1.68 from its previous view of $1.62 to $1.67 a share. PerkinElmer has posted strong revenue growth in recent quarters, especially in its environmental health and human-health divisions. The company has been on a buying spree of late, most recently acquiring X-ray detection technologies provider Dexela Ltd. in June and electronic laboratory notebook maker Labtronics Inc. in May. PerkinElmer posted a profit of $28.6 million, or 25 cents a share, down from $57.6 million, or 49 cents a share, a year earlier. Excluding write-downs and other items, earnings rose to 42 cents from 33 cents. Revenue rose 14% to $479.5 million. Analysts polled by Thomson Reuters had most recently forecast a profit of 40 cents a share on $478 million in revenue. Operating margin was edged down to 7.8% from 7.9%. Cost of sales increased 16% as overhead expenses rose 14%. Revenue in the human and environmental health divisions was up 11% and 14% respectively. Shares were down a penny to $21.38 in after-hours trading. As of the close, the stock is down 17% year-to-date. -By Nathalie Tadena, Dow Jones Newswires; 212-416-3287; [email protected]

Stock News for Perkin Elmer (PKI)
01/09/201716:15:00PerkinElmer to Acquire Tulip Diagnostics Private Limited in India
01/06/201717:05:00PerkinElmer to Hold Earnings Call on Thursday, February 2, 2017
12/22/201608:32:02Current Report Filing (8-k)
12/22/201608:15:00PerkinElmer to Sell Medical Imaging Business to Varian Medical...
12/22/201608:15:00Varian Medical Systems Announces Agreement to Acquire PerkinElmer's...
12/12/201616:15:00PerkinElmer to Present at J.P. Morgan 35th Annual Healthcare...
12/02/201616:06:50Statement of Changes in Beneficial Ownership (4)
11/21/201616:15:00PerkinElmer to Present at Citi Global Healthcare Conference
11/16/201616:07:07Statement of Changes in Beneficial Ownership (4)
11/14/201616:15:00PerkinElmer to Present at Piper Jaffray Healthcare Conference
11/08/201616:14:35Quarterly Report (10-q)
11/07/201616:56:12Current Report Filing (8-k)
11/07/201616:15:00PerkinElmer Announces Financial Results for the Third Quarter...
10/26/201616:23:00PerkinElmer Board Declares Quarterly Dividend
10/18/201616:06:54Statement of Changes in Beneficial Ownership (4)
10/17/201616:51:43Initial Statement of Beneficial Ownership (3)
10/17/201616:07:16Current Report Filing (8-k)
10/17/201608:00:00PerkinElmer Elects Samuel Chapin to Board of Directors
10/14/201616:15:00PerkinElmer to Hold Earnings Call on Monday, November 7, 2016
10/03/201616:06:53Initial Statement of Beneficial Ownership (3)

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