Full Press Release Details
Announces Financial Results for the Fourth Quarter of 2013
growth of 4%; Organic revenue growth of 3%
earnings per share from continuing operations of $0.58; Adjusted
earnings per share of $0.73
income from continuing operations was $85 million; Adjusted operating
profit margin increase of 90 basis points driving adjusted earnings
per share growth of 12%
cash flow from continuing operations of $71 million, up 79%
full year 2014 guidance range for GAAP earnings per share of $1.93 to
$1.98; Adjusted earnings per share guidance range of $2.40 to $2.45
WALTHAM, Mass.--(BUSINESS WIRE)--January 30, 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
fourth quarter ended December 29, 2013.
The Company reported GAAP earnings per share from continuing operations
of $0.58, compared to a loss of $0.14 in the fourth quarter of 2012.
Revenue in the fourth quarter of 2013 was $593.3 million, as compared to
$572.9 million in the fourth quarter of 2012. GAAP operating income from
continuing operations for the fourth quarter of 2013 was $84.7 million,
as compared to an operating loss of $30.8 million in the fourth quarter
of 2012, impacted by non-cash charges and other adjustments noted in the
Company's reconciliations of non-GAAP financial measures.
Adjusted earnings per share was $0.73, compared to $0.65 in the fourth
quarter of 2012. Adjusted revenue for the quarter grew 3% to $594.0
million, compared to $577.0 million in the fourth quarter of 2012.
Adjusted operating income for the fourth quarter of 2013 was $114.1
million, compared to $105.6 million for the same period a year ago.
Adjusted operating profit margin was 19.2% as a percentage of adjusted
revenue, compared to 18.3% for the same period a year ago. Adjustments
for the Company's non-GAAP financial measures have been noted in the
attached reconciliations.
"We are pleased with our strong finish to the year as we delivered solid
performances in adjusted earnings per share growth, adjusted operating
margin expansion and operating cash flow generation, " said Robert
Friel, chairman and chief executive officer of PerkinElmer. "By
leveraging our recent growth and productivity investments, we are well
positioned to deliver a year of profitable revenue growth while
continuing to address the critical health and environmental needs of our
customers throughout the world."
2013 Full Year Cash Flow
For the fourth quarter of 2013, operating cash flow from continuing
operations was $71.1 million as compared to $39.8 million in the
comparable period of 2012. Full year 2013 operating cash flow from
continuing operations was $158.1 million as compared to $153.6 million
in 2012. The full year 2013 results were impacted by incremental pension
contributions, royalty payments and increased working capital uses for
the completion of the Company's productivity initiatives.
Financial Overview by Reporting Segment for the Fourth Quarter of 2013
Revenue of $336.1 million, as compared to $318.9 million for the
fourth quarter of 2012.
Adjusted revenue of $336.8 million. Adjusted and organic revenues
Operating income of $47.1 million, as compared to an operating loss of
$23.8 million for the same period a year ago.
Adjusted operating income of $83.8 million. Adjusted operating profit
margin was 24.9% as a percentage of adjusted revenue, as compared to
23.9% in the fourth quarter of 2012.
Environmental Health
Revenue of $257.2 million, as compared to $254.1 million for the
fourth quarter of 2012. Revenue and organic revenue increased 1%.
Operating income of $35.1 million, as compared to operating income of
$33.9 million for the same period a year ago.
Adjusted operating income of $40.8 million. Adjusted operating profit
margin was 15.9% as a percentage of revenue, as compared to 15.3% in
the fourth quarter of 2012.
Financial Guidance - Full Year 2014
For the full year 2014, the Company forecasts GAAP earnings per share
from continuing operations in the range of $1.93 to $1.98 and on a
non-GAAP basis, which is expected to include the adjustments noted in
the attached reconciliation, adjusted earnings per share of $2.40 to
Conference Call Information
The Company will discuss its fourth quarter results and its outlook for
business trends in a conference call on January 30, 2014 at 5:00 p.m.
Eastern Time (ET). To access the call, please dial (617) 614-4072 prior
to the scheduled conference call time and provide the access code
83512237. A playback of this conference call will be available beginning
7:00 p.m. ET, Thursday, January 30, 2014. The playback phone number is
(617) 801-6888 and the code number is 82009740.
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