Full Press Release Details
Announces Financial Results for the Fourth Quarter and Full Year 2017
Quarter 2017 GAAP revenue growth of 13% to $642 million; 6% organic
revenue growth excluding EUROIMMUN
Quarter 2017 GAAP losses per share from continuing operations of
$0.35; Adjusted earnings per share of $0.97, an increase of 17%
EUROIMMUN acquisition
FY 2018 GAAP earnings per share guidance of $2.28 from continuing
operations; Adjusted EPS guidance of $3.50, an increase of 21%
WALTHAM, Mass.--(BUSINESS WIRE)--January 25, 2018--PerkinElmer, Inc.
(NYSE: PKI), a global leader committed to innovating for a healthier
world, today reported financial results for the fourth quarter and full
year ended December 31, 2017.
The Company reported GAAP losses per share from continuing operations of
$0.35, including the impact of the Tax Cuts and Jobs Act of 2017, as
compared to GAAP earnings per share from continuing operations of $0.57
in the fourth quarter of 2016. GAAP revenue for the quarter was $641.6
million, as compared to $566.8 million in the fourth quarter of 2016.
GAAP operating income from continuing operations for the quarter was
$97.4 million, as compared to $80.4 million in the fourth quarter of
2016. GAAP operating profit margin was 15.2% as a percentage of revenue.
Adjusted earnings per share from continuing operations for the quarter
was $0.97, as compared to $0.83 in the fourth quarter of 2016. Adjusted
revenue for the quarter was $641.8 million, as compared to $567.0
million in the fourth quarter of 2016. Adjusted operating income from
continuing operations for the quarter was $137.0 million, as compared to
$120.6 million for the same period a year ago. Adjusted operating profit
margin was 21.4% as a percentage of adjusted revenue.
The Company reported GAAP earnings per share from continuing operations
of $1.42, including the impact of the Tax Cuts and Jobs Act of 2017, as
compared to $1.96 in 2016. GAAP revenue for the year was $2.257 billion,
as compared to $2.116 billion in 2016. GAAP operating income from
continuing operations for the year was $304.8 million, as compared to
$283.1 million in 2016. GAAP operating profit margin was 13.5% as a
percentage of revenue.
Adjusted earnings per share from continuing operations for the year was
$2.90, as compared to $2.60 in 2016. Adjusted revenue for the year was
$2.258 billion, as compared to $2.116 billion in 2016. Adjusted
operating income for the year was $427.7 million, as compared to $393.6
million in 2016. Adjusted operating profit margin was 18.9% as a
percentage of adjusted revenue.
Adjustments for the Company's non-GAAP financial measures have been
noted in the attached reconciliations.
"It was a strong finish to a very good year as we not only delivered
solid financial results but also made meaningful strategic moves that
have improved the growth and competitive strength of our businesses,"
said Robert Friel, chairman and chief executive officer of PerkinElmer.
"With the completion of the EUROIMMUN transaction, we enter 2018 with an
improved portfolio, wider reach and a more capable organization thereby
increasing the positive impact we have on global health while continuing
to create value for our shareholders."
Financial Overview by Reporting Segment for the Fourth Quarter and
Discovery & Analytical Solutions
Fourth quarter 2017 revenue of $448.2 million, as compared to $409.9
million for the comparable prior period. Reported revenue increased 9%
and organic revenue increased 6.5%. Full year 2017 revenue of $1.578
billion, as compared to $1.513 billion in 2016. Full year 2017
reported and organic revenues increased 4%.
Fourth quarter 2017 operating income of $77.0 million, as compared to
operating income of $69.7 million for the comparable prior period.
Full year 2017 operating income of $206.7 million, as compared to
operating income of $196.8 million for 2016.
Fourth quarter 2017 adjusted operating income of $93.7 million, as
compared to $82.9 million in the comparable prior period. Fourth
quarter 2017 adjusted operating profit margin was 20.9% as a
percentage of revenue, as compared to 20.2% in the fourth quarter of
2016. Full year 2017 adjusted operating income of $270.9 million, as
compared to adjusted operating income of $255.9 million for 2016. Full
year 2017 adjusted operating profit margin was 17.2% as a percentage
of revenue, as compared to 16.9% in 2016.
Fourth quarter 2017 revenue of $193.4 million, as compared to $156.8
million for the comparable prior period. Fourth quarter 2017 reported
revenue increased 23% and organic revenue excluding EUROIMMUN
increased 6%. Full year 2017 revenue of $678.5 million, as compared to
$602.5 million in 2016. Full year 2017 reported revenue increased 13%
and organic revenue excluding EUROIMMUN increased 5%.
Fourth quarter 2017 operating income of $34.5 million, as compared to
$36.3 million for the comparable prior period. Full year 2017
operating income of $149.6 million, as compared to operating income of
$149.6 million for 2016.
Fourth quarter 2017 adjusted operating income of $59.5 million, as
compared to $48.1 million for the comparable prior period. Fourth
quarter 2017 adjusted operating profit margin was 30.8% as a
percentage of adjusted revenue, as compared to 30.6% in the fourth
quarter of 2016. Full year 2017 adjusted operating income of $210.4
million, as compared to adjusted operating income of $185.8 million
for 2016. Full year 2017 adjusted operating profit margin was 31.0% as
a percentage of adjusted revenue, as compared to 30.8% in 2016.
Financial Guidance - Full Year 2018
For the full year 2018, the Company forecasts GAAP earnings per share
from continuing operations of $2.28 and on a non-GAAP basis, which is
expected to include the adjustments noted in the attached
reconciliation, adjusted earnings per share of $3.50.
Conference Call Information
The Company will discuss its fourth quarter and full year 2017 results
and its outlook for business trends in a conference call on January 25,
2018 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 5294434.
A live audio webcast of the call will be available on the Investor
section of the Company's Web site, www.perkinelmer.com.