Full Press Release Details
Announces Financial Results for the Fourth Quarter and Full Year 2018
Quarter 2018 GAAP revenue growth of 18% to $756.3 million; Core
organic revenue growth of 7%
Quarter 2018 GAAP earnings per share from continuing operations of
$0.64; Adjusted earnings per share of $1.18
CE-IVD Mark for Vanadis NIPT
FY19 GAAP earnings per share guidance range of $2.93 to $2.98 from
continuing operations; Adjusted EPS guidance of $4.00 to $4.05
WALTHAM, Mass.--(BUSINESS WIRE)--January 31, 2019--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 30, 2018.
The Company reported GAAP earnings
per share from continuing operations of $0.64, as compared to GAAP
losses per share from continuing operations of $0.35, including the
impact of the Tax Cuts and Jobs Act of 2017, in the fourth quarter of
2017. GAAP revenue for the quarter was $756.3 million, as compared to
$641.6 million in the fourth quarter of 2017. GAAP operating income from
continuing operations for the quarter was $115.7 million, as compared to
$93.6 million in the fourth quarter of 2017. GAAP operating profit
margin was 15.3% as a percentage of revenue.
Adjusted earnings per share from continuing operations for the quarter
was $1.18, as compared to $0.97 in the fourth quarter of 2017. Adjusted
revenue for the quarter was $756.5 million, as compared to $641.8
million in the fourth quarter of 2017. Adjusted operating income from
continuing operations for the quarter was $164.3 million, as compared to
$135.3 million for the same period a year ago. Adjusted operating profit
margin was 21.7% as a percentage of adjusted revenue.
The Company reported GAAP earnings per
share from continuing operations of $2.13, as compared to GAAP earnings
per share from continuing operations of $1.42, including the impact of
the Tax Cuts and Jobs Act of 2017, in 2017. GAAP revenue for the year
was $2.78 billion, as compared to $2.26 billion in 2017. GAAP operating
income from continuing operations for the year was $323.9 million, as
compared to $295.6 million in 2017. GAAP operating profit margin was
11.7% as a percentage of revenue.
Adjusted earnings per share from continuing operations for the year was
$3.61, as compared to $2.90 in 2017. Adjusted revenue for the year was
$2.78 billion, as compared to $2.26 billion in 2017. Adjusted operating
income from continuing operations for the year was $527.1 million, as
compared to $420.6 million in 2017. Adjusted operating profit margin was
19.0% as a percentage of adjusted revenue.
Adjustments for the Company's non-GAAP financial measures have been
noted in the attached reconciliations.
"We were very pleased with our fourth quarter and full year performance
and believe 2018 will mark an inflection point in our revenue growth,
profitability and, just as importantly, our ability to make an
increasingly positive impact on the quality of life across the globe,"
said Robert Friel, chairman and chief executive officer of PerkinElmer.
Financial Overview by Reporting Segment for the Fourth Quarter and
Discovery & Analytical Solutions
Fourth quarter 2018 revenue was $459.9 million, as compared to $448.2
million for the comparable prior period. Reported revenue increased 3%
and organic revenue increased 5%. Full year 2018 revenue was $1.69
billion, as compared to $1.58 billion in 2017. Full year reported and
organic revenue increased 7%.
Fourth quarter 2018 operating income from continuing operations was
$81.2 million, as compared to $76.7 million for the comparable prior
period. Full year 2018 operating income of $230.5 million, as compared
to $205.3 million in 2017.
Fourth quarter 2018 adjusted operating income was $92.7 million, as
compared to $93.3 million for the comparable prior period. Full year
2018 adjusted operating income was $295.0 million, as compared to
$269.5 million in 2017.
Fourth quarter 2018 revenue was $296.5 million, as compared to $193.4
million for the comparable prior period. Reported revenue increased
53% and organic revenue increased 14%. Full year 2018 revenue was
$1.08 billion, as compared to $678.5 million in 2017. Full year
reported revenue increased 60% and organic revenue increased 10%.
Fourth quarter 2018 operating income from continuing operations was
$48.6 million, as compared to $33.8 million for the comparable prior
period. Full year 2018 operating income was $153.2 million, as
compared to $146.9 million in 2017.
Fourth quarter 2018 adjusted operating income was $85.8 million, as
compared to $58.9 million for the comparable prior period. Full year
2018 adjusted operating income was $291.9 million, as compared to
$207.7 million in 2017.
Initiates Financial Guidance - Full Year 2019
For the full year 2019, the Company forecasts GAAP earnings per share
from continuing operations in a range of $2.93 to $2.98 and, on a
non-GAAP basis, which is expected to include the adjustments noted in
the attached reconciliation, adjusted earnings per share of $4.00 to
Conference Call Information
The Company will discuss its fourth quarter and full year 2018 results
and its outlook for business trends in a conference call on January 31,
2019 at 5:00 p.m. Eastern Time. To access the call, please dial (720)
405-2250 prior to the scheduled conference call time and provide the
access code 6958164.
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