Full Press Release Details
Announces Financial Results for the Second Quarter of 2013
growth of 4%; Adjusted and organic revenue growth of 3%
earnings per share from continuing operations of $0.24; Adjusted
earnings per share of $0.51
GAAP earnings per share guidance to $1.40 to $1.47; Updates adjusted
earnings per share guidance to $2.03 to $2.10
WALTHAM, Mass.--(BUSINESS WIRE)--August 1, 2013--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 June 30, 2013.
The Company reported GAAP earnings per share from continuing operations
of $0.24, compared to $0.29 in the second quarter of 2012. Revenue in
the second quarter of 2013 was $543.3 million, as compared to $521.8
million in the second quarter of 2012. GAAP operating income from
continuing operations for the second quarter of 2013 was $39.7 million,
compared to $49.8 million in the second quarter of 2012. GAAP operating
profit margin from continuing operations was 7.3% in the second quarter
of 2013, compared to 9.5% in the second quarter of 2012.
Adjusted earnings per share was $0.51, compared to $0.53 in the second
quarter of 2012. Adjusted revenue and organic revenue both increased 3%
for the quarter. Adjusted revenue was $547.1 million, compared to $532.3
million in the second quarter of 2012. Adjusted operating income for the
second quarter of 2013 was $85.2 million, compared to $89.7 million for
the same period a year ago. Adjusted operating profit margin was 15.6%
as a percentage of adjusted revenue, compared to 16.9% for the same
period a year ago. For the Company's non-GAAP financial measures,
adjustments have been noted in the attached reconciliations.
"I am encouraged by our performance in the second quarter as we exceeded
our adjusted revenue and adjusted operating profit forecasts despite a
challenging global environment. We were able to deliver sequential
revenue improvements in the areas that were under pressure in the first
quarter while the remaining portfolio continued to perform well," said
Robert Friel, chairman and chief executive officer of PerkinElmer. "Our
second quarter performance gives us confidence in our ability to deliver
organic growth and improved profitability in the back half of the year."
For the six months ending June 30, 2013, operating cash flow from
continuing operations was $38.7 million as compared to $92.7 million for
the same period a year ago. Adjusted operating cash flow from continuing
operations was $98.6 million as compared to $114.6 million for the same
Financial Overview by Reporting Segment for the Second Quarter 2013
Revenue of $300.0 million, as compared to $287.8 million for the
second quarter of 2012.
Operating income of $30.1 million, as compared to $30.4 million for
the same period a year ago.
Adjusted revenue of $303.7 million, as compared to $298.2 million for
the second quarter of 2012. Adjusted revenue and organic revenue both
Adjusted operating income of $64.4 million, as compared to $66.6
million for the same period a year ago.
Adjusted operating profit margin was 21.2% as a percentage of adjusted
revenue, a decrease of approximately 110 basis points as compared to
the second quarter of 2012.
Environmental Health
Revenue of $243.4 million, as compared to $234.0 million for the
second quarter of 2012. Revenue increased 4% and organic revenue
Operating income of $19.3 million, as compared to $29.3 million for
the same period a year ago.
Adjusted operating income of $30.5 million, as compared to $33.0
million for the same period a year ago.
Adjusted operating profit margin was 12.5% as a percentage of revenue,
a decrease of approximately 160 basis points as compared to the second
Financial Guidance - Full Year 2013 - Updated
For the full year 2013, the Company forecasts organic revenue to
increase in the low-single digit range relative to 2012. For the full
year 2013, the Company now forecasts GAAP earnings per share from
continuing operations in the range of $1.40 to $1.47 and on a non-GAAP
basis, which is expected to include the adjustments noted in the
attached reconciliation, and updates adjusted earnings per share to a
range of $2.03 to $2.10 from a range of $2.00 to $2.10.
Conference Call Information
The Company will discuss its second quarter results and its outlook for
business trends in a conference call on August 1, 2013 at 5:00 p.m.
Eastern Time (ET). To access the call, please dial (617) 399-5131 prior
to the scheduled conference call time and provide the access code
50839653. A playback of this conference call will be available beginning
7:00 p.m. ET, Thursday, August 1, 2013. The playback phone number is
(617) 801-6888 and the code number is 27752648.
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