Full Press Release Details
Announces Financial Results for the First Quarter of 2014
and Organic revenue growth of 5%
earnings per share from continuing operations of $0.30; Adjusted
earnings per share of $0.46, an increase of 28%
cash flow from continuing operations of $68 million
WALTHAM, Mass.--(BUSINESS WIRE)--April 24, 2014--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
first quarter ended March 30, 2014.
The Company reported GAAP earnings per share from continuing operations
of $0.30, compared to $0.28 in the first quarter of 2013. Revenue in the
first quarter of 2014 was $531.9 million, as compared to $505.4 million
in the first quarter of 2013. GAAP operating income from continuing
operations for the first quarter of 2014 was $50.7 million, compared to
$35.9 million in the first quarter of 2013.
Adjusted earnings per share was $0.46, compared to $0.36 in the first
quarter of 2013. Adjusted revenue for the quarter grew 5% to $533.4
million, compared to $507.3 million in the first quarter of 2013.
Adjusted operating income for the first quarter of 2014 was $78.4
million, compared to $63.7 million for the same period a year ago.
Adjusted operating profit margin was 14.7% as a percentage of adjusted
revenue, compared to 12.6% for the same period a year ago. Adjustments
for the Company's non-GAAP financial measures have been noted in the
attached reconciliations.
"It was a solid start to the year and I am very pleased with our
performance in the quarter" said Robert Friel, chairman and chief
executive officer of PerkinElmer. "I am encouraged by our opportunities
to accelerate revenue growth this year as we innovate across our core
capabilities to better serve our customers."
First Quarter 2014 Cash Flow
For the first quarter of 2014, operating cash flow from continuing
operations was $67.9 million as compared to $11.1 million in the
comparable period of 2013. The first quarter 2014 results were
positively impacted by lower pension funding and reduced royalty
Financial Overview by Reporting Segment for the First Quarter of 2014
Revenue of $299.5 million, as compared to $281.3 million for the first
Adjusted revenue of $300.9 million for the first quarter of 2014.
Adjusted and organic revenues increased 6%.
Operating income of $43.1 million, as compared to operating income of
$25.0 million for the same period a year ago.
Adjusted operating income of $63.0 million for the first quarter of
2014. Adjusted operating profit margin was 21.0% as a percentage of
adjusted revenue, as compared to 17.8% in the first quarter of 2013.
Environmental Health
Revenue of $232.4 million, as compared to $224.0 million for the first
quarter of 2013. Revenue and organic revenue increased 4%.
Operating income of $21.5 million, as compared to operating income of
$20.7 million for the same period a year ago.
Adjusted operating income of $26.0 million for the first quarter of
2014. Adjusted operating profit margin was 11.2% as a percentage of
revenue, as compared to 10.4% in the first quarter of 2013.
Financial Guidance - Updated Full Year 2014
For the full year 2014, the Company now forecasts GAAP earnings per
share from continuing operations in the range of $1.91 to $1.95. On a
non-GAAP basis, which is expected to include the adjustments noted in
the attached reconciliation, the Company is raising its forecast for
adjusted earnings per share from the range of $2.40 to $2.45 to the
range of $2.42 to $2.46.
Conference Call Information
The Company will discuss its first quarter results and its outlook for
business trends in a conference call on April 24, 2014 at 5:00 p.m.
Eastern Time (ET). To access the call, please dial (857) 244-7305 prior
to the scheduled conference call time and provide the access code
53089484. A playback of this conference call will be available beginning
9:00 p.m. ET, Thursday, April 24, 2014. The playback phone number is
(617) 801-6888 and the code number is 71456394.
A live audio webcast of the call will be available on the Investor
section of the Company's Web site, www.perkinelmer.com.
Please go to the site at least 15 minutes prior to the call in order to
register, download, and install any necessary software. An archived
version of the webcast will be posted on the Company's Web site for a
two week period beginning approximately two hours after the call.
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with generally
accepted accounting principles (GAAP), this earnings announcement also
contains non-GAAP financial measures. The reasons that we use these
measures, a reconciliation of these measures to the most directly
comparable GAAP measures, and other information relating to these
measures are included below following our GAAP financial statements.
Factors Affecting Future Performance
This press release contains "forward-looking" statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to, statements relating to estimates and
projections of future earnings per share, cash flow and revenue growth
and other financial results, developments relating to our customers and
end-markets, and plans concerning business development opportunities and
divestitures. Words such as "believes," "intends," "anticipates,"
"plans," "expects," "projects," "forecasts," "will" and similar
expressions, and references to guidance, are intended to identify
forward-looking statements. Such statements are based on management's
current assumptions and expectations and no assurances can be given that
our assumptions or expectations will prove to be correct. A number of
important risk factors could cause actual results to differ materially
from the results described, implied or projected in any forward-looking
statements. These factors include, without limitation: (1) markets into
which we sell our products declining or not growing as anticipated; (2)
fluctuations in the global economic and political environments; (3) our
failure to introduce new products in a timely manner; (4) our ability to
execute acquisitions and license technologies, or to successfully
integrate acquired businesses and licensed technologies into our