PerkinElmer first-quarter revenue up 7% to $465.1 million

PerkinElmer, Inc. (NYSE: PKI):

“We are pleased to report solid results for the first quarter of 2010. Our top line performance was particularly encouraging in light of the headwinds arising from additional selling days in the first quarter of 2009”

  • Revenue of $465 million, up 7% reported, organic revenue up 2%
  • GAAP earnings per share from continuing operations of $0.22; Adjusted earnings per share of $0.31, up 19%
  • Raises full year guidance

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 first quarter ended April 4, 2010. The Company reported GAAP earnings per share from continuing operations of $0.22 as compared to $0.13 in the first quarter of 2009. On a non-GAAP basis, which includes the adjustments noted in the attached reconciliation, the Company announced adjusted earnings per share of $0.31, exceeding the Company's prior guidance of $0.27-$0.29, representing an increase of 19% as compared to the first quarter of 2009.

Revenue in the first quarter of 2010 was $465.1 million, up 7% as compared to the same period a year ago. Foreign exchange rates and acquisitions had a favorable impact on first quarter revenue of 4% and 1%, respectively. Therefore, organic revenue, which includes the adjustments noted in the attached reconciliation, increased 2% as compared to the first quarter of 2009. Revenue in the Human and Environmental Health segments increased by 6% and 7%, respectively as compared to the same period a year ago. As compared to the first quarter of 2009, organic revenue, which includes the adjustments noted in the attached reconciliation, in the Human Health segment increased 2% and increased 3% in the Environmental Health segment.

"We are pleased to report solid results for the first quarter of 2010. Our top line performance was particularly encouraging in light of the headwinds arising from additional selling days in the first quarter of 2009," said Robert Friel, chairman and chief executive officer of PerkinElmer. "Overall we continue to experience positive momentum throughout most of our end markets. We believe that the strength of our portfolio enhanced by our recent acquisitions, and our geographic diversity make us well positioned to outperform in 2010 and beyond."

GAAP operating profit from continuing operations for the first quarter of 2010 was $39.4 million, as compared to $25.3 million for the same period a year ago. On a non-GAAP basis, which includes the adjustments noted in the attached reconciliation, adjusted operating profit was $55.6 million, as compared to $48.0 million in the first quarter of 2009.

Operating cash flow from continuing operations was $52.1 million in the first quarter of 2010, as compared to $18.0 million in the first quarter of 2009, primarily due to strong working capital performance as well as the timing of tax payments.

Financial Overview by Reporting Segment

Human Health reported revenue of $188.6 million for the first quarter of 2010. The segment's GAAP operating profit was $21.8 million, compared to $12.7 million for the same period a year ago. On a non-GAAP basis, which includes the adjustments noted in the attached reconciliation, the segment's adjusted operating profit was $33.0 million, as compared to $27.6 million in the first quarter of 2009. As a percentage of revenue, the segment's adjusted operating profit was 17.5%, an increase of approximately 190 basis points as compared to the first quarter of 2009.

Environmental Health reported revenue of $276.5 million for the first quarter of 2010. The segment's GAAP operating profit was $26.9 million, compared to $20.2 million for the same period a year ago. On a non-GAAP basis, which includes the adjustments noted in the attached reconciliation, the segment's adjusted operating profit was $31.9 million, as compared to $28.0 million in the first quarter of 2009. As a percentage of revenue, the segment's adjusted operating profit was 11.5%, an increase of approximately 70 basis points as compared to the first quarter of 2009.

Financial Guidance

For the full year 2010, the Company forecasts GAAP earnings per share from continuing operations in the range of $1.08 to $1.13 representing an increase from the Company's prior forecast of $0.98 to $1.05. On a non-GAAP basis, which includes the adjustments noted in the attached reconciliation, the Company forecasts adjusted earnings per share from continuing operations in the range of $1.43 to $1.48 representing an increase from the Company's prior forecast of $1.35 to $1.42.

SOURCE PerkinElmer, Inc.

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