Full Press Release Details
Announces Financial Results for the Second Quarter of 2014
growth of 3%; Adjusted and organic revenue growth of 2%
earnings per share from continuing operations of $0.46; Adjusted
earnings per share increased 16% to $0.59
adjusted operating profit margin by 110 basis points
cash flow from continuing operations of $54.5 million
WALTHAM, Mass.--(BUSINESS WIRE)--July 31, 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
second quarter ended June 29, 2014.
The Company reported GAAP earnings per share from continuing operations
of $0.46, compared to $0.24 in the second quarter of 2013. Revenue in
the second quarter of 2014 was $556.2 million, as compared to $540.7
million in the second quarter of 2013. GAAP operating income from
continuing operations for the second quarter of 2014 was $69.6 million,
compared to $40.2 million in the second quarter of 2013. GAAP operating
profit margin from continuing operations was 12.5% in the second quarter
of 2014, compared to 7.4% in the second quarter of 2013.
Adjusted earnings per share was $0.59, compared to $0.51 in the second
quarter of 2013. Adjusted revenue and organic revenue both increased 2%
compared to the second quarter of 2013. Adjusted revenue was $556.6
million, compared to $544.5 million in the second quarter of 2013.
Adjusted operating income for the second quarter of 2014 was $93.3
million, compared to $85.4 million for the same period a year ago.
Adjusted operating profit margin increased 110 basis points to 16.8% as
a percentage of adjusted revenue. For the Company's non-GAAP financial
measures, adjustments have been noted in the attached reconciliations.
"I am pleased with our progress at this point in the year as evidenced
by our strong first half financial performance and our continued success
in building a more effective organization," said Robert Friel, chairman
and chief executive officer of PerkinElmer. "Our focus on developing new
and innovative solutions will result in a number of new product launches
in the second half of this year, giving us confidence in our ability to
deliver on our full year commitments."
For the six months ending June 29, 2014, operating cash flow from
continuing operations was $122.6 million as compared to $39.9 million
for the same period a year ago.
Financial Overview by Reporting Segment for the Second Quarter 2014
Revenue of $307.5 million, as compared to $297.3 million for the
second quarter of 2013.
Operating income of $52.6 million, as compared to $30.6 million for
the same period a year ago.
Adjusted revenue of $307.9 million, as compared to $301.1 million for
the second quarter of 2013. Adjusted revenue increased 2% and organic
revenue increased 1%.
Adjusted operating income of $70.8 million, as compared to $64.6
million for the same period a year ago.
Adjusted operating profit margin was 23.0% as a percentage of adjusted
revenue, an increase of approximately 150 basis points as compared to
the second quarter of 2013.
Environmental Health
Revenue of $248.7 million, as compared to $243.4 million for the
second quarter of 2013. Revenue and organic revenue increased 2%.
Operating income of $30.9 million, as compared to $19.3 million for
the same period a year ago.
Adjusted operating income of $32.9 million, as compared to $30.5
million for the same period a year ago.
Adjusted operating profit margin was 13.2% as a percentage of revenue,
an increase of approximately 70 basis points as compared to the second
Financial Guidance - Full Year 2014 - Updated
For the full year 2014, the Company forecasts organic revenue to
increase in the mid-single digit range relative to 2013. For the full
year 2014, the Company now forecasts GAAP earnings per share from
continuing operations in the range of $1.89 to $1.93 and reiterates on a
non-GAAP basis, which is expected to include the adjustments noted in
the attached reconciliation, adjusted earnings per share in the range of
Conference Call Information
The Company will discuss its second quarter results and its outlook for
business trends in a conference call on July 31, 2014 at 5:00 p.m.
Eastern Time (ET). To access the call, please dial (617) 786-2904 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