PerkinElmer announces third quarter results

GAAP Revenue of $548 million versus $563 million in the comparable prior period

08-Nov-2016 - USA

PerkinElmer, Inc. reported financial results for the third quarter ended October 2, 2016.

The Company reported GAAP earnings per share from continuing operations of $0.52, as compared to $0.48 in the third quarter of 2015. GAAP revenue in the third quarter of 2016 was $548.1 million, as compared to $563.4 million in the comparable period of 2015. GAAP operating income from continuing operations for the third quarter of 2016 was $81.2 million, as compared to $75.9 million in the third quarter of 2015. Operating profit margin was 14.8% as a percentage of revenue, as compared to 13.5% for the same period a year ago.

Adjusted earnings per share was $0.68, as compared to $0.60 in the third quarter of 2015. Adjusted revenue for the quarter was $548.2 million, as compared to $563.6 million in the third quarter of 2015. Adjusted operating income for the third quarter of 2016 was $103.9 million, as compared to $95.7 million for the same period a year ago. Adjusted operating profit margin was 18.9% as a percentage of adjusted revenue, as compared to 17.0% for the same period a year ago. Adjustments for the Company's non-GAAP financial measures have been noted in the attached reconciliations.

“During the third quarter we continued to drive solid operational improvements across the Company resulting in strong margin expansion and EPS growth, however our top line performance was disappointing as our capital intensive businesses experienced challenging market conditions,” said Robert Friel, chairman and chief executive officer of PerkinElmer. “We believe the strong profit performance this quarter and year-to-date validates the steps we are taking to rebalance the portfolio and the recent realignment of our operating segments into Diagnostics and Discovery & Analytical Solutions will help us accelerate that transition.”

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