PerkinElmer second-quarter 2010 revenue up 14%

PerkinElmer, Inc. (NYSE: PKI):

“We are pleased with our performance for the second quarter of 2010 as we generated significant revenue and EPS growth as well as strong cash flow”

  • Revenue of $498 million, reported and organic revenue growth of 14%
  • Operating income from continuing operations of $43 million; Adjusted operating income of $66 million, up 120 basis points
  • GAAP earnings per share from continuing operations of $0.46; Adjusted earnings per share of $0.38, up 36%
  • 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 second quarter ended July 4, 2010. The Company reported GAAP earnings per share from continuing operations of $0.46, as compared to $0.20 in the second 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 $0.38, exceeding the Company's prior guidance of $0.32-$0.34, representing an increase of 36% as compared to the second quarter of 2009.

Revenue in the second quarter of 2010 was $497.8 million, up 14% as compared to the same period a year ago. Organic revenue, which includes the adjustments noted in the attached reconciliation, increased 14% as compared to the second quarter of 2009. Revenue in the Human and Environmental Health segments increased by 7% and 19%, respectively, as compared to the same period a year ago. As compared to the second quarter of 2009, organic revenue, which includes the adjustments noted in the attached reconciliation, increased 6% in the Human Health segment and increased 19% in the Environmental Health segment.

"We are pleased with our performance for the second quarter of 2010 as we generated significant revenue and EPS growth as well as strong cash flow," said Robert Friel, chairman and chief executive officer of PerkinElmer. "During the first half of this year we have made very good progress against our strategic priorities of increasing the growth profile of the company through leveraging adjacent markets and geographic expansion as well as establishing a framework to drive higher profitability."

GAAP operating profit from continuing operations for the second quarter of 2010 was $42.6 million, as compared to $38.2 million for the same period a year ago. Adjusted operating profit, which includes the adjustments noted in the attached reconciliation, increased by 120 basis points as a percentage of revenue to $65.8 million, as compared to $52.5 million in the second quarter of 2009.

Financial Overview by Reporting Segment

Human Health

  • Revenue of $197.5 million for the second quarter of 2010, as compared to $184.9 million for the second quarter of 2009.
  • GAAP operating profit of $25.8 million, as compared to $24.1 million for the same period a year ago.
  • Adjusted operating profit of $40.6 million, as compared to $35.0 million in the second quarter of 2009.
  • Adjusted operating profit was 20.5% as a percentage of revenue, an increase of approximately 160 basis points as compared to the second quarter of 2009.

Environmental Health

  • Revenue of $300.4 million for the second quarter of 2010, as compared to $253.4 million for the second quarter of 2009.
  • GAAP operating profit of $24.8 million, as compared to $22.8 million for the same period a year ago.
  • Adjusted operating profit of $33.2 million, as compared to $26.1 million in the second quarter of 2009.
  • Adjusted operating profit was 11.1% as a percentage of revenue, an increase of approximately 80 basis points as compared to the second quarter of 2009.

Financial Guidance

"Given the broad based strength we have experienced in the first half across many of our served markets, we have increased our full year adjusted earnings per share guidance to $1.49 to $1.54 which now represents a year-over-year growth of 17% to 21%," said Robert Friel, chairman and chief executive officer of PerkinElmer.

For the full year 2010, the Company forecasts GAAP earnings per share from continuing operations in the range of $1.29 to $1.34 representing an increase from the Company's prior forecast of $1.08 to $1.13. On a non-GAAP basis, which includes the adjustments noted in the attached reconciliation, the Company forecasts adjusted earnings per share in the range of $1.49 to $1.54 representing an increase from the Company's prior forecast of $1.43 to $1.48.

Source:

PerkinElmer, Inc.

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