Full Press Release Details
Announces Financial Results for the Second Quarter of 2018
revenue growth of 29% to $703.4 million; Core Organic revenue growth
earnings per share from continuing operations of $0.58; Adjusted
earnings per share of $0.91, an increase of 36%
operating income margin of 12.5%; Adjusted operating income margin
from continuing operations of 19.7%, an increase of 180 basis points
WALTHAM, Mass.--(BUSINESS WIRE)--August 1, 2018--PerkinElmer, Inc.
(NYSE: PKI), a global leader committed to innovating for a healthier
world, today reported financial results for the second quarter ended
The Company reported GAAP earnings per share from continuing operations
of $0.58, as compared to GAAP earnings per share from continuing
operations of $0.57 in the second quarter of 2017. GAAP revenue for the
quarter was $703.4 million, as compared to $547.0 million in the second
quarter of 2017. GAAP operating income from continuing operations for
the quarter was $88.1 million, as compared to $74.2 million in the
second quarter of 2017. GAAP operating profit margin was 12.5% as a
percentage of revenue.
Adjusted earnings per share from continuing operations for the quarter
was $0.91, as compared to $0.67 in the second quarter of 2017. Adjusted
revenue for the quarter was $703.6 million, as compared to $547.1
million in the second quarter of 2017. Adjusted operating income from
continuing operations for the quarter was $138.3 million, as compared to
$97.8 million for the same period a year ago. Adjusted operating profit
margin was 19.7% as a percentage of adjusted revenue.
Adjustments for the Company's non-GAAP financial measures have been
noted in the attached reconciliations.
"We saw continued momentum in the business as both segments experienced
double-digit organic revenue growth in the second quarter," said Robert
Friel, chairman and chief executive officer of PerkinElmer. "Our focus
on bringing innovative new product offerings to market, while targeting
attractive end markets where our capabilities are well differentiated,
continues to drive solid revenue and adjusted earnings growth. As a
result, we are once again raising our full year organic revenue outlook
and adjusted earnings per share guidance."
Financial Overview by Reporting Segment for the Second Quarter of 2018
Discovery & Analytical Solutions
Revenue was $430.6 million, as compared to $383.1 million for the
second quarter of 2017. Reported revenue increased 12% and organic
revenue increased 10%.
Operating income from continuing operations was $64.7 million, as
compared to $51.1 million for the comparable prior period.
Adjusted operating income was $76.4 million, as compared to $63.6
million in the second quarter of 2017.
Revenue was $272.7 million, as compared to $163.8 million for the
second quarter of 2017. Reported revenue increased 66% and organic
revenue increased 10%.
Operating income from continuing operations was $38.8 million, as
compared to $36.9 million for the comparable prior period.
Adjusted operating income was $77.2 million, as compared to $48.1
million in the second quarter of 2017.
Raises Financial Guidance - Full Year 2018
For the full year 2018, the Company previously forecast GAAP earnings
per share from continuing operations of $2.25 and, on a non-GAAP basis,
adjusted earnings per share of $3.60. The Company now forecasts GAAP
earnings per share from continuing operations of $2.39, and on a
non-GAAP basis, which is expected to include the adjustments noted in
the attached reconciliation, adjusted earnings per share of $3.65.
Conference Call Information
The Company will discuss its second quarter results and its outlook for
business trends in a conference call on August 1, 2018 at 5:00 p.m.
Eastern Time. To access the call, please dial (541) 797-2422 prior to
the scheduled conference call time and provide the access code 6379206.
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,
acquisitions 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 execute acquisitions and license
technologies, or to successfully integrate acquired businesses such as
EUROIMMUN and licensed technologies into our existing business or to
make them profitable, or successfully divest businesses; (5) our failure
to adequately protect our intellectual property; (6) the loss of any of
our licenses or licensed rights; (7) our ability to compete effectively;