Full Press Release Details
Announces Financial Results for Fourth Quarter and Full Year 2015
quarter 2015 GAAP revenue of $608.1 million; Constant currency
adjusted revenue growth of 5%; Organic revenue growth of 3%
quarter 2015 GAAP earnings per share from continuing operations of
$0.61; Adjusted earnings per share of $0.86 representing 11% constant
currency adjusted earnings per share growth
fourth quarter 2015 operating cash flow from continuing operations of
$125.7 million, up 30%
year 2015 GAAP revenues of $2.26 billion; Constant currency adjusted
revenue growth of 7%; Organic revenue growth of 4%
year GAAP earnings per share from continuing operations of $1.88;
Adjusted earnings per share of $2.55 representing full year constant
currency adjusted earnings per share growth of 13%
WALTHAM, Mass.--(BUSINESS WIRE)--February 4, 2016--PerkinElmer, Inc.
(NYSE: PKI), a global leader focused on improving the health and safety
of people and the environment, today reported financial results for the
fourth quarter and full year ended January 3, 2016.
The Company reported GAAP earnings per share from continuing operations
of $0.61 versus $0.28 in the comparable prior period of 2014. Revenue
was $608.1 million versus $608.4 million in the comparable prior period
of 2014. GAAP operating income from continuing operations was $84.7
million versus $30.6 million in the comparable prior period of 2014.
Adjusted earnings per share of $0.86, representing constant currency
adjusted earnings per share growth of 11%, as compared to $0.85 in the
comparable prior period in 2014. Adjusted earnings per share was
negatively impacted by $0.08 of foreign currency headwinds versus the
comparable prior period representing an incremental $0.02 per share
versus prior guidance. Adjusted revenue was $608.3 million versus $608.6
million in the comparable prior period of 2014 negatively impacted by
foreign currency headwinds of $32 million, $5 million more than expected
in our prior guidance. Adjusted operating income was $126.0 million
negatively impacted by approximately $11 million of foreign currency
headwinds versus $130.6 million in the comparable prior period of 2014.
The Company reported GAAP earnings per share from continuing operations
of $1.88, compared to $1.42 in 2014. GAAP operating income from
continuing operations was $286.1 million as compared to $210.7 million
Adjusted earnings per share of $2.55, representing 13% constant currency
adjusted earnings per share growth, as compared to $2.47 in 2014.
Negative foreign exchange rates impacted full year adjusted earnings per
share by approximately $0.25 as compared to 2014. Adjusted revenue was
$2.26 billion, representing 7% constant currency adjusted revenue growth
as compared to $2.24 billion in 2014, negatively impacted by
approximately $142 million of foreign currency headwinds. Adjusted
operating income was $400.4 million, as compared to $394.6 million in
Adjustments for the Company's non-GAAP financial measures have been
noted in the attached reconciliations. Certain of these non-GAAP
financial measures are presented on a constant currency' basis, so that
financial results can be viewed without the effects of fluctuations in
foreign currency exchange rates, allowing for a period-to-period
comparison of underlying business performance.
"I am very pleased with our financial results for the year, as we
delivered strong performance for our shareholders while supporting our
customers with award winning innovations and differentiated solutions
for their unique needs," said Robert Friel, chairman and chief executive
officer of PerkinElmer. "We are well positioned heading into 2016 and
will look to build on our core strengths while offering world class
products and services for our customers."
For the fourth quarter of 2015, operating cash flow from continuing
operations was $125.7 million, a strong 30% increase as compared to
$96.6 million in the comparable prior period of 2014. For the full year,
operating cash flow from continuing operations was $287.6 million which
includes $20.0 million in voluntary pension payments as compared to
$282.3 million in 2014.
Financial Overview by Reporting Segment for the Fourth Quarter and
Fourth quarter 2015 revenue of $365.5 million, as compared to $374.7
million for the fourth quarter of 2014. Fourth quarter 2015 revenue
declined 2% and organic revenue increased 2%. Full year 2015 revenue
of $1,376.6 million, as compared to $1,384.2 million in 2014. Full
year 2015 revenue declined 1% and organic revenue increased 4%.
Fourth quarter 2015 operating income of $72.2 million, as compared to
$83.7 million for the fourth quarter of 2014. Full year 2015 operating
income of $251.7 million, as compared to operating income of $233.7
Fourth quarter 2015 adjusted operating income of $91.3 million, as
compared to $101.4 million in the fourth quarter of 2014. Fourth
quarter 2015 adjusted operating profit margin was 25.0% as a
percentage of adjusted revenue, as compared to 27.0% in the fourth
quarter of 2014. Full year 2015 adjusted operating income of $319.9
million, as compared to adjusted operating income of $315.3 million
for 2014. Full year 2015 adjusted operating profit margin was 23.2% as
a percentage of adjusted revenue, as compared to 22.7% in 2014.
Environmental Health
Fourth quarter 2015 revenue of $242.6 million, as compared to $233.7
million for the fourth quarter of 2014. Fourth quarter 2015 revenue
increased 4% and organic revenue increased 5%. Full year 2015 revenue
of $885.7 million, as compared to $853.0 million in 2014.
Fourth quarter 2015 operating income of $35.9 million, as compared to
operating income of $29.9 million for the fourth quarter of 2014. Full
year 2015 operating income of $89.5 million, as compared to operating
income of $95.6 million for 2014.
Fourth quarter 2015 adjusted operating income of $46.8 million, as
compared to $37.5 million in the fourth quarter of 2014. Fourth
quarter 2015 adjusted operating profit margin was 19.3% as a
percentage of revenue, as compared to 16.0% in the fourth quarter of
2014. Full year 2015 adjusted operating income of $123.2 million, as
compared to adjusted operating income of $116.5 million for 2014. Full
year 2015 adjusted operating profit margin was 13.9% as a percentage
of revenue, as compared to 13.7% in 2014.
Financial Guidance - Full Year 2016
For the full year 2016, the Company forecasts GAAP earnings per share
from continuing operations in the range of $2.21 to $2.31 and on a