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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; nathalie.tadena@dowjones.com

Stock News for Perkin Elmer (PKI)
DateTimeHeadline
11/15/201308:55:37Highbridge Capital Management 3Q 13F: Largest Eliminations
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Largest Purchases
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Largest Sales
11/15/201308:55:35Highbridge Capital Management 3Q 13F: Largest -2-
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08/04/201117:13:19PerkinElmer 2Q Profit Down 50% On Expenses; Raises Outlook
03/24/201109:56:01PerkinElmer Boosts Software Offerings In 2 Deals Valued At $220...
02/25/201112:38:49PerkinElmer Isn't For Sale, CEO Says; Shares Slide
02/24/201111:44:18PerkinElmer, After Beckman-Bid Loss, Is Mulling Deals -Bloomberg
02/03/201117:11:15PerkinElmer 4Q Profit Up On $315.3M Gain; Revenue Up
11/04/201017:12:00PerkinElmer 3Q Profit Falls 1.5%; Co Boosts Full-Year View
08/31/201017:36:21PerkinElmer To Sell Unit To Private-Equity Firm For $500 Million

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