Full Press Release Details
Announces Financial Results for the Second Quarter of 2012
growth of 9%; Organic revenue growth of 5%
earnings per share from continuing operations of $0.29; Adjusted
earnings per share of $0.53, up 23%
profit margin from continuing operations of 10%; Adjusted operating
profit margin of 17%, an increase of 240 basis points
GAAP earnings per share guidance of $1.21 to $1.26; Adjusted earnings
per share guidance reaffirmed at $2.00 to $2.05
growth investments in the second half
WALTHAM, Mass.--(BUSINESS WIRE)--August 2, 2012--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
second quarter ended July 1, 2012.
The Company reported GAAP earnings per share from continuing operations
of $0.29, as compared to $0.26 in the second quarter of 2011. Revenue in
the second quarter of 2012 was $521.8 million, as compared to $479.1
million in the second quarter of 2011. GAAP operating income from
continuing operations for the second quarter of 2012 increased 26% to
$49.8 million, compared to $39.4 million in the second quarter of 2011.
GAAP operating profit margin from continuing operations was 10% in the
second quarter of 2012, compared to 8% in the second quarter of 2011.
Adjusted earnings per share grew 23% to $0.53, compared to $0.43 in the
second quarter of 2011. Adjusted revenue for the quarter grew 10% to
$532.3 million, compared to $485.3 million in the second quarter of
2011. Organic revenue growth was 5% after adjusting for acquisitions
which added 8%, partially offset by a decrease due to foreign currency
translation of 4%. Adjusted operating income for the second quarter of
2012 increased 28% to $89.7 million, compared to $70.3 million for the
same period a year ago. Adjusted operating profit margin was 17%, a 240
basis points improvement compared to the same period a year ago. For the
Company's non-GAAP financial measures, adjustments have been noted in
the attached reconciliations.
"I am pleased with our organization's strong performance in the second
quarter. Our newly expanded range of innovative and higher value
offerings helped us generate healthy organic revenue growth and strong
adjusted earnings per share in the quarter," said Robert Friel, chairman
and chief executive officer of PerkinElmer. "We've had an excellent
first half in 2012 despite the macroeconomic environment and foreign
currency headwinds. While we don't expect economic conditions to improve
over the balance of the year, our strong performance in the first half
enables us to accelerate investments in our long term growth initiatives
in the second half."
For the second quarter of 2012, operating cash flow from continuing
operations was $77.4 million as compared to $54.9 million in the same
Financial Overview by Reporting Segment
Revenue of $258.4 million for the second quarter of 2012, as compared
to $218.8 million for the second quarter of 2011.
Operating income of $31.5 million, as compared to $28.4 million for
the same period a year ago.
Adjusted revenue of $260.5 million for the second quarter of 2012, as
compared to $219.2 million for the second quarter of 2011. Adjusted
revenue increased 19%, organic revenue growth was 4%.
Adjusted operating income of $56.4 million, as compared to $44.4
million for the same period a year ago.
Adjusted operating profit margin was 22% as a percentage of adjusted
revenue, an increase of 130 basis points as compared to the second
Environmental Health
Revenue of $263.4 million for the second quarter of 2012, as compared
to $260.2 million for the second quarter of 2011.
Operating income of $28.2 million, as compared to $21.7 million for
the same period a year ago.
Adjusted revenue of $271.8 million for the second quarter of 2012, as
compared to $266.1 million for the second quarter of 2011. Adjusted
revenue increased 2%, organic revenue growth was 5%.
Adjusted operating income of $43.3 million, as compared to $36.7
million for the same period a year ago.
Adjusted operating profit margin was 16% as a percentage of adjusted
revenue, an increase of 210 basis points as compared to the second
Financial Guidance - Full Year 2012
For the full year 2012, the Company reiterates its forecast for organic
revenue to increase in the mid-single digit range relative to 2011. For
the full year 2012, the Company now forecasts GAAP earnings per share
from continuing operations in the range of $1.21 to $1.26 and reaffirms
its previously communicated guidance for adjusted earnings per share,
which is expected to include the adjustments noted in the attached
reconciliation, of $2.00 to $2.05.
Conference Call Information
The Company will discuss its second quarter results and its outlook for
business trends in a conference call on August 2, 2012 at 5:00 p.m.
Eastern Time (ET). To access the call, please dial (617) 213 - 8837
prior to the scheduled conference call time and provide the access code
28473641. A playback of this conference call will be available beginning
7:00 p.m. ET, Thursday, August 2, 2012. The playback phone number is
(617) 801-6888 and the code number is 34863262.
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,