PerkinElmer Inc.'s (PKI) fourth-quarter earnings soared as the company booked a $315.3 million gain on the disposition of discontinued operations. Adjusted earnings topped the company's forecasts.
The company also forecast current-year earnings of $1.56 to $1.64 a share on an organic revenue increase in the mid-single digit range on a percentage basis. Analysts surveyed by Thomson Reuters expect $1.61 on 8% revenue growth.
The company, which sells analytical products and services to the health-care and industrial sectors, has seen strong revenue growth lately, helped by its environmental health division. Revenue also has increased in its human-health division. Revenue in those two segments rose 8% and 12%, respectively, in the most recent quarter.
PerkinElmer reported a profit of $288.5 million, or $2.46 a share, up from $39.9 million, or 34 cents, a year earlier. Excluding discontinued operations and items such as amortization of intangible assets and tax credits, earnings rose to 44 cents from 37 cents. The company had previously projected earnings of 40 cents to 42 cents.
Revenue rose 9.7% to $470 million.
Analysts polled by Thomson Reuters had most recently forecast $463 million in revenue.
Gross margin fell to 44.3% from 45.2%.
Shares closed at $25.96 and were inactive after hours. As of the close, the stock had risen 26% over the past 12 months.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855; firstname.lastname@example.org;