PerkinElmer 3Q Profit Falls 1.5%; Co Boosts Full-Year View

Date : 11/04/2010 @ 5:12PM
Source : Dow Jones News
Stock : Perkinelmer, Inc. (PKI)
Quote : 68.23  -1.14 (-1.64%) @ 3:59PM

PerkinElmer 3Q Profit Falls 1.5%; Co Boosts Full-Year View

Perkin Elmer (NYSE:PKI)
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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

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