Full Press Release Details
Announces Financial Results for the Second Quarter of 2015
revenue of $564 million; Constant currency adjusted revenue growth 8%;
Organic revenue growth 4%
earnings per share from continuing operations of $0.43; Adjusted
earnings per share of $0.60 representing 12% constant currency
Full Year 2015 Guidance
WALTHAM, Mass.--(BUSINESS WIRE)--July 30, 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
second quarter ended June 28, 2015.
The Company reported GAAP earnings per share from continuing operations
of $0.43, compared to $0.46 in the second quarter of 2014. Revenue in
the second quarter of 2015 was $563.9 million, compared to $556.2
million in the second quarter of 2014. GAAP operating income from
continuing operations for the second quarter of 2015 was $68.1 million,
compared to $69.6 million in the second quarter of 2014. GAAP operating
profit margin from continuing operations was 12.1% in the second quarter
of 2015, compared to 12.5% in the second quarter of 2014.
Adjusted earnings per share was $0.60, compared to $0.59 in the second
quarter of 2014. Adjusted revenue increased 1% and organic revenue
increased 4%, compared to the second quarter of 2014. Adjusted revenue
was $564.1 million, compared to $556.6 million in the second quarter of
2014. Adjusted operating income for the second quarter of 2015 was $95.8
million, compared to $93.3 million for the same period a year ago.
Adjusted operating profit margin was 17.0% as a percentage of adjusted
revenue, as compared to 16.8% for the same period a year ago.
Adjustments for the Company's non-GAAP financial measures have been
noted in the attached reconciliations. Certain of these non-GAAP
financial measures are presented on a constant currency' basis, so that
financial results can be viewed without the fluctuations in foreign
currency exchange rates, allowing for a period-to-period comparison of
underlying business performance.
"I am pleased with our accomplishments in the quarter and am
particularly encouraged by the broad based strength of our financial
performance through the first half of the year," said Robert Friel,
chairman and chief executive officer of PerkinElmer. "While we remain
mindful of the economic uncertainties in various parts of the world, our
continued focus on execution and new product innovation gives us the
confidence in our ability to deliver on our commitments in the second
For the six months ended June 28, 2015, GAAP operating cash flow from
continuing operations, after taking into account approximately $22.0
million of voluntary pension funding, was $101.2 million as compared to
$122.6 million for the same period a year ago.
Financial Overview by Reporting Segment for the Second Quarter 2015
Revenue of $341.5 million, as compared to $342.5 million for the
second quarter of 2014.
Operating income of $60.5 million, as compared to $57.9 million for
the same period a year ago.
Adjusted revenue of $341.7 million, as compared to $343.0 million for
the second quarter of 2014. Organic revenue increased 5%.
Adjusted operating income of $78.0 million, as compared to $76.3
million for the same period a year ago.
Adjusted operating profit margin was 22.8% as a percentage of adjusted
revenue, an increase of approximately 60 basis points as compared to
the second quarter of 2014.
Environmental Health
Revenue of $222.4 million, as compared to $213.6 million for the
second quarter of 2014. Revenue increased 4% and organic revenue
Operating income of $19.4 million, as compared to $25.6 million for
the same period a year ago.
Adjusted operating income of $28.9 million, as compared to $27.4
million for the same period a year ago.
Adjusted operating profit margin was 13.0% as a percentage of revenue,
an increase of approximately 20 basis points as compared to the second
Financial Guidance - Full Year 2015 - Updated
For the full year 2015, the Company now forecasts GAAP earnings per
share from continuing operations in the range of $2.00 to $2.05 and 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
$2.55 to $2.60 representing 13-15% constant currency adjusted earnings
Conference Call Information
The Company will discuss its second quarter results and its outlook for
business trends in a conference call on July 30, 2015 at 5:00 p.m.
Eastern Time (ET). To access the call, please dial (617) 399-5127 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, plans concerning business development opportunities and
divestitures and effects of foreign currency exchange rates. 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