Full Press Release Details
Announces Financial Results for the First Quarter of 2015
revenue of $527 million; Constant currency adjusted revenue growth 5%;
Organic revenue growth 3%
earnings per share from continuing operations of $0.36; Adjusted
earnings per share of $0.50 representing 19% constant currency
constant currency adjusted operating profit margins by 130 basis points
WALTHAM, Mass.--(BUSINESS WIRE)--April 30, 2015--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 29, 2015.
The Company reported GAAP earnings per share from continuing operations
of $0.36, as compared to $0.31 in the first quarter of 2014. GAAP
revenue in the first quarter of 2015 was $526.9 million, as compared to
$530.6 million in the first quarter of 2014. GAAP operating income from
continuing operations for the first quarter of 2015 was $57.4 million,
as compared to $51.8 million in the first quarter of 2014.
Adjusted earnings per share was $0.50, as compared to $0.47 in the first
quarter of 2014. Adjusted revenue for the quarter was $527.2 million, as
compared to $532.1 million in the first quarter of 2014. Adjusted
operating income for the first quarter of 2015 was $82.8 million, as
compared to $79.4 million for the same period a year ago. Adjusted
operating profit margin was 15.7% as a percentage of adjusted revenue,
as compared to 14.9% for the same period a year ago. 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 fluctuations in foreign currency exchange rates,
allowing for a period-to-period comparison of underlying business
"I am pleased with our start to the year as we delivered a strong
financial performance despite the headwinds from the stronger dollar,"
said Robert Friel, chairman and chief executive officer of PerkinElmer.
"We continue to be encouraged by the success we are seeing from our
growth and productivity investments giving us confidence in our ability
to deliver solid results for the balance of the year."
For the first quarter of 2015, GAAP operating cash flow from continuing
operations, after taking into account approximately $24.0 million of
voluntary pension funding, was $37.6 million, as compared to $68.1
million in the comparable period of 2014.
Financial Overview by Reporting Segment for the First Quarter of 2015
Revenue of $326.1 million, as compared to $330.0 million for the first
Adjusted revenue of $326.3 million. Organic revenue increased 4%.
Operating income of $55.9 million, as compared to operating income of
$44.0 million for the same period a year ago.
Adjusted operating income of $71.7 million. Adjusted operating profit
margin was 22.0% as a percentage of adjusted revenue, as compared to
19.3% in the first quarter of 2014.
Environmental Health
Revenue of $200.8 million, as compared to $200.6 million for the first
quarter of 2014. Organic revenue increased 2%.
Operating income of $11.3 million, as compared to operating income of
$21.6 million for the same period a year ago.
Adjusted operating income of $20.7 million. Adjusted operating profit
margin was 10.3% as a percentage of revenue, as compared to 13.0% in
the first quarter of 2014.
Financial Guidance - Full Year 2015
For the full year 2015, the Company now forecasts GAAP earnings per
share from continuing operations in the range of $2.06 to $2.12 and
updates on a non-GAAP basis, which is expected to include the
adjustments noted in the attached reconciliation, adjusted earnings per
share of $2.54 to $2.60 which now represents 12-15% constant currency
adjusted earnings per share growth as compared to the Company's prior
guidance of 11-13%. The guidance now assumes that the stronger U.S.
dollar will negatively impact adjusted earnings per share for 2015 by a
total of $0.23 as compared to the Company's original guidance of $0.15.
Conference Call Information
The Company will discuss its first quarter results and its outlook for
business trends in a conference call on April 30, 2015 at 5:00 p.m.
Eastern Time (ET). To access the call, please dial (617) 399-5124 prior
to the scheduled conference call time and provide the access code
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