PerkinElmer 2Q Profit Down 50% On Expenses; Raises Outlook

Date : 08/04/2011 @ 5:13PM
Source : Dow Jones News
Stock : Perkinelmer, Inc. (PKI)
Quote : 81.43  0.23 (0.28%) @ 4:04PM

PerkinElmer 2Q Profit Down 50% On Expenses; Raises Outlook

Perkin Elmer (NYSE:PKI)
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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;

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