November 2, 2017 / 8:57 PM / a year ago

UPDATE 1-PerkinElmer third quarter profit edges past Street forecast

(Adds CEO interview, sales details)

By Bill Berkrot

Nov 2 (Reuters) - Laboratory equipment maker PerkinElmer Inc on Thursday reported slightly better-than-expected third-quarter profit and revenue and narrowed its full-year earnings forecast range while keeping the midpoint the same.

PerkinElmer now expects adjusted 2017 earnings of $2.87 to $2.89 per share versus its prior view of $2.84 to $2.92. Analysts on average are forecasting $2.89 per share.

The company expects to close its $1.3 billion acquisition of German diagnostics company Euroimmun in the current quarter. It is just waiting for Chinese regulators to sign off, Chief Executive Robert Friel said.

PerkinElmer does considerable business in China, particularly with newborn screening and environmental safety testing products.

The CEO expressed optimism about future business, citing the pending addition of Euroimmun’s product line and improving economic conditions for customers in various markets.

“This is the first time in about five years that all the end markets are growing positively and all the regions are growing positively,” Friel said in a telephone interview.

“We feel good about our ability to accelerate both our top- and bottom-line growth as we get into 2018 and beyond,” he added.

The Waltham, Massachusetts-based company posted a net profit from continuing operations of $96.5 million, or 87 cents per share, for the quarter, compared with a profit of $53.9 million, or 49 cents per share, a year ago. The quarterly results were helped by a large gain from foreign currency hedging related to the Euroimmun purchase price.

Excluding items, PerkinElmer said it had adjusted earnings of 73 cents per share, a penny better than analysts’ average expectations, according to Thomson Reuters data.

Revenue for the quarter rose 8 percent to $554.3 million, about $2 million more than the consensus Wall Street estimate.

Sales in the discovery and analytical solutions unit rose 6 percent to $385.4 million, while diagnostics unit sales rose 13 percent to $168.9 million. (Reporting by Bill Berkrot; Editing by Jonathan Oatis)

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