Oct 25 PerkinElmer Inc posted marginally
higher third-quarter earnings on Thursday as demand for its
scientific and environmental products rose, and it said
full-year earnings would come in slightly higher than its
Excluding one-time items, the maker of scientific
instruments, medical testing equipment and environmental safety
monitoring products earned 45 cents per share, just ahead of
analysts' average estimate of 44 cents per share, according to
Thomson Reuters I/B/E/S.
"Organic growth of 6 percent came in above our expectation,
driven by double-digit (10 percent) organic growth in Human
Health," ISI Group analyst Ross Muken said in a research note.
"We expect (PerkinElmer) stock to be up 5 percent to 10
percent given the strong results and guidance raise amidst a
backdrop of poor results from peers and the recent pullback in
shares," he said.
Shares of PerkinElmer, which closed at $28.50 in regular
trading on the New York Stock Exchange, have fallen about 6.5
percent over the past week. The shares were unchanged after
The company reported quarterly net income from continuing
operations of $29 million, or 25 cents per share, compared with
$28 million, or 25 cents per share, a year earlier.
Revenue rose 13 percent to $509.6 million.
For the full year, PerkinElmer raised its estimate for
adjusted earnings per share to between $2.05 and $2.07 from its
previous range of $2.00 to $2.05. Analysts had forecast $2.05.