Full Press Release Details
Announces Financial Results for the Third Quarter of 2012
growth of 13%; Organic revenue growth of 6%
earnings per share from continuing operations of $0.25; Adjusted
earnings per share of $0.45
FY 2012 GAAP earnings per share from continuing operations guidance to
$1.22 to $1.24; Raises FY 2012 adjusted earnings per share guidance to
WALTHAM, Mass.--(BUSINESS WIRE)--October 25, 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
third quarter ended September 30, 2012.
The Company reported GAAP earnings per share from continuing operations
of $0.25, compared to $0.25 in the third quarter of 2011. Revenue in the
third quarter of 2012 was $509.6 million, as compared to $452.9 million
in the third quarter of 2011. GAAP operating income from continuing
operations for the third quarter of 2012 increased 20% to $43.2 million,
compared to $36.1 million in the third quarter of 2011. GAAP operating
profit margin from continuing operations was 8% in the third quarter of
2012, compared to 8% in the third quarter of 2011.
Adjusted earnings per share was $0.45, compared to $0.43 in the third
quarter of 2011. Adjusted revenue for the quarter grew 11% to $514.8
million, compared to $462.9 million in the third quarter of 2011.
Organic revenue growth was 6% after adjusting for acquisitions which
added 8%, partially offset by a decrease due to unfavorable foreign
currency translation of 3%. Adjusted operating income for the third
quarter of 2012 increased 16% to $78.3 million, compared to $67.6
million for the same period a year ago. Adjusted operating profit margin
was 15% as a percentage of adjusted revenue, a 60 basis point
improvement compared to the same period a year ago. For the Company's
non-GAAP financial measures, adjustments have been noted in the attached
"We are pleased to report another solid performance for the third
quarter as global demand for our product and service offerings continued
to drive organic revenue growth," said Robert Friel, chairman and chief
executive officer of PerkinElmer. "Despite an uncertain macroeconomic
environment, we remain confident in our business model and our ability
to execute, giving us the conviction to raise our full year adjusted
earnings per share guidance while continuing to invest in future growth
and productivity intitatives."
For the nine months ended September 30, 2012, operating cash flow from
continuing operations was $113.8 million as compared to $151.5 million
in the same period of 2011. The 2012 year-to-date results include the
impact from increased pension contributions, tax payments, incremental
working capital and royalty payments.
Financial Overview by Reporting Segment for the Third Quarter 2012
Revenue of $257.2 million, as compared to $206.6 million for the third
Operating income of $35.0 million, as compared to $27.5 million for
the same period a year ago.
Adjusted revenue of $258.2 million, as compared to $206.9 million for
the third quarter of 2011. Adjusted revenue increased 25%, organic
revenue growth was 10%.
Adjusted operating income of $56.3 million, as compared to $41.5
million for the same period a year ago.
Adjusted operating profit margin was 22% as a percentage of adjusted
revenue, an increase of 180 basis points as compared to the third
Environmental Health
Revenue of $252.4 million, as compared to $246.3 million for the third
Operating income of $17.9 million, as compared to $14.7 million for
the same period a year ago.
Adjusted revenue of $256.6 million, as compared to $255.9 million for
the third quarter of 2011. Adjusted revenue was flat, organic revenue
Adjusted operating income of $31.6 million, as compared to $32.2
million for the same period a year ago.
Adjusted operating profit margin was 12% as a percentage of adjusted
revenue, a decrease of 30 basis points as compared to the third
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 $1.22 to $1.24 and raises its
guidance for adjusted earnings per share, which is expected to include
the adjustments noted in the attached reconciliation, to $2.05 to $2.07.
Conference Call Information
The Company will discuss its third quarter results and its outlook for
business trends in a conference call on October 25, 2012 at 5:00 p.m.
Eastern Time (ET). To access the call, please dial (617) 614-3670 prior
to the scheduled conference call time and provide the access code
14835705. A playback of this conference call will be available beginning
7:00 p.m. ET, Thursday, October 25, 2012. The playback phone number is
(617) 801-6888 and the code number is 85821244.
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