Oct 25 (Reuters) - 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 previous estimate.
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 hours.
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.