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; email@example.com