Full Press Release Details
Announces Financial Results for the First Quarter of 2016
revenue of $539 million; Organic revenue growth of 4%
earnings per share from continuing operations of $0.43; Adjusted
earnings per share growth of 12% to $0.56
adjusted operating profit margin by 100 basis points
WALTHAM, Mass.--(BUSINESS WIRE)--May 5, 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
first quarter ended April 3, 2016.
The Company reported GAAP earnings per share from continuing operations
of $0.43, as compared to $0.36 in the first quarter of 2015. GAAP
revenue in the first quarter of 2016 was $538.7 million, as compared to
$526.9 million in the first quarter of 2015. GAAP operating income from
continuing operations for the first quarter of 2016 was $68.8 million,
as compared to $57.4 million in the first quarter of 2015.
Adjusted earnings per share was $0.56, as compared to $0.50 in the first
quarter of 2015. Adjusted revenue for the quarter was $538.9 million, as
compared to $527.2 million in the first quarter of 2015. Adjusted
operating income for the first quarter of 2016 was $89.8 million, as
compared to $82.8 million for the same period a year ago. Adjusted
operating profit margin was 16.7% as a percentage of adjusted revenue,
as compared to 15.7% for the same period a year ago. Adjustments for the
Company's non-GAAP financial measures have been noted in the attached
"I am pleased with our excellent start to the year as evidenced by our
strong and broad-based financial performance," said Robert Friel,
chairman and chief executive officer of PerkinElmer. "We continue to be
encouraged by the success of our operational initiatives as well as the
impact from recent growth and productivity investments giving us
confidence to raise our full year earnings outlook."
For the first quarter of 2016, GAAP operating cash flow from continuing
operations was $32.1 million, as compared to $37.6 million in the
comparable period of 2015.
Financial Overview by Reporting Segment for the First Quarter of 2016
Revenue of $332.4 million, as compared to $326.1 million for the first
quarter of 2015. Organic revenue increased 3%.
Operating income of $54.7 million, as compared to operating income of
$55.9 million for the same period a year ago.
Adjusted operating income of $70.4 million. Adjusted operating profit
margin was 21.2% as a percentage of adjusted revenue, as compared to
22.0% in the first quarter of 2015.
Environmental Health
Revenue of $206.2 million, as compared to $200.8 million for the first
quarter of 2015. Organic revenue increased 5%.
Operating income of $25.6 million, as compared to operating income of
$11.3 million for the same period a year ago.
Adjusted operating income of $31.0 million. Adjusted operating profit
margin was 15.0% as a percentage of revenue, as compared to 10.3% in
the first quarter of 2015.
Updated Financial Guidance - Full Year 2016
For the full year 2016, the Company now forecasts GAAP earnings per
share from continuing operations in the range of $2.29 to $2.39 and on a
non-GAAP basis, which is expected to include the adjustments noted in
the attached reconciliation, adjusted earnings per share of $2.75 to
$2.85, which incorporates $0.06 related to a stronger performance from
the first quarter of 2016 and $0.04 from more favorable foreign exchange
Conference Call Information
The Company will discuss its first quarter results and its outlook for
business trends in a conference call on May 5, 2016 at 5:00 p.m. Eastern
Time. To access the call, please dial (541) 797-2422 prior to the
scheduled conference call time and provide the access code 85461014.
A live audio webcast of the call will be available on the Investors
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
existing business or to make them profitable, or successfully divest
businesses; (5) our failure to adequately protect our intellectual
property; (6) the loss of any of our licenses or licensed rights; (7)
our ability to compete effectively; (8) fluctuation in our quarterly
operating results and our ability to adjust our operations to address
unexpected changes; (9) significant disruption in third-party package