Full Press Release Details
Announces Financial Results for the Fourth Quarter of 2014
growth of 3%; Organic revenue growth 5%
earnings per share from continuing operations of $0.28; Adjusted
earnings per share increase of 15% to $0.85
adjusted operating profit margin by 200 basis points
cash flow from continuing operations of $97 million, up 40%
full year 2015 guidance range for GAAP earnings per share of $2.04 to
$2.10; Adjusted earnings per share guidance range of $2.58 to $2.64
WALTHAM, Mass.--(BUSINESS WIRE)--January 29, 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
fourth quarter ended December 28, 2014.
The Company reported GAAP earnings per share from continuing operations
of $0.28, compared to $0.65 in the fourth quarter of 2013. Revenue in
the fourth quarter of 2014 was $608.4 million, as compared to $591.9
million in the fourth quarter of 2013. GAAP operating income from
continuing operations for the fourth quarter of 2014 was $30.6 million,
as compared to operating income of $92.9 million in the fourth quarter
Adjusted earnings per share was $0.85, compared to $0.74 in the fourth
quarter of 2013. Adjusted revenue for the quarter grew 3% to $608.6
million, compared to $592.6 million in the fourth quarter of 2013.
Adjusted operating income for the fourth quarter of 2014 was $130.6
million, compared to $115.5 million for the same period a year ago.
Adjusted operating profit margin was 21.5% as a percentage of adjusted
revenue, compared to 19.5% for the same period a year ago. Adjustments
for the Company's non-GAAP financial measures have been noted in the
attached reconciliations.
"I am very pleased with our strong finish to a year in which we exceeded
our financial commitments and made significant progress against our
strategic priorities," said Robert Friel, chairman and chief executive
officer of PerkinElmer. "By leveraging the success of our recent growth
and productivity investments, we believe we are well positioned to
deliver profitable revenue growth in 2015 while continuing to address
the critical health and environmental needs of our customers throughout
For the fourth quarter of 2014, operating cash flow from continuing
operations was $96.6 million as compared to $69.0 million in the
comparable period of 2013. Full year 2014 operating cash flow from
continuing operations was $282.3 as compared to $157.2 million in 2013.
Financial Overview by Reporting Segment for the Fourth Quarter of 2014
Revenue of $336.2 million, as compared to $334.7 million for the
fourth quarter of 2013.
Adjusted revenue of $336.4 million. Adjusted revenue was flat and
organic revenue increased 3%.
Operating income of $78.4 million, as compared to operating income of
$55.4 million for the same period a year ago.
Adjusted operating income of $95.7 million. Adjusted operating profit
margin was 28.4% as a percentage of adjusted revenue, as compared to
25.4% in the fourth quarter of 2013.
Environmental Health
Revenue of $272.2 million, as compared to $257.2 million for the
fourth quarter of 2013. Revenue increased 6% and organic revenue
Operating income of $35.2 million, as compared to operating income of
$35.1 million for the same period a year ago.
Adjusted operating income of $43.2 million. Adjusted operating profit
margin was 15.9% as a percentage of revenue, as compared to 15.9% in
the fourth quarter of 2013.
Financial Guidance - Full Year 2015
For the full year 2015, the Company forecasts GAAP earnings per share
from continuing operations in the range of $2.04 to $2.10 and on a
non-GAAP basis, which is expected to include the adjustments noted in
the attached reconciliation, adjusted earnings per share of $2.58 to
$2.64. The guidance assumes that the stronger US dollar will negatively
impact earnings per share for 2015 by approximately $0.15.
Conference Call Information
The Company will discuss its fourth quarter results and its outlook for
business trends in a conference call on January 29, 2015 at 5:00 p.m.
Eastern Time (ET). To access the call, please dial (617) 614-3472 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
failure to introduce new products in a timely manner; (4) our ability to