Full Press Release Details
Announces Financial Results for the Third Quarter of 2013
growth of 3%; Organic and adjusted revenue growth of 2%
earnings per share from continuing operations of $0.36; Adjusted
earnings per share of $0.49
FY2013 GAAP earnings per share guidance from continuing operations to
$1.42 to $1.45; Updates FY2013 adjusted earnings per share guidance to
WALTHAM, Mass.--(BUSINESS WIRE)--October 30, 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
third quarter ended September 29, 2013.
The Company reported GAAP earnings per share from continuing operations
of $0.36, compared to $0.25 in the third quarter of 2012. Revenue in the
third quarter of 2013 was $524.3 million, as compared to $509.6 million
in the third quarter of 2012. GAAP operating income from continuing
operations for the third quarter of 2013 was $57.2 million, compared to
$43.2 million in the third quarter of 2012. GAAP operating profit margin
from continuing operations was 10.9% in the third quarter of 2013,
compared to 8.5% in the third quarter of 2012.
Adjusted earnings per share was $0.49, compared to $0.45 in the third
quarter of 2012. Adjusted revenue and organic revenue both increased 2%
for the quarter. Adjusted revenue was $525.1 million, compared to $514.8
million in the third quarter of 2012. Adjusted operating income for the
third quarter of 2013 was $81.6 million, compared to $78.3 million for
the same period a year ago. Adjusted operating profit margin was 15.5%
as a percentage of adjusted revenue, compared to 15.2% for the same
period a year ago. Adjustments for the Company's non-GAAP financial
measures have been noted in the attached reconciliations.
"I am pleased with our third quarter performance as we were able to grow
both revenue and adjusted earnings per share and expand operating
margins," said Robert Friel, chairman and chief executive officer of
PerkinElmer. "While I remain encouraged by the resiliency we are seeing
across much of the portfolio, the global economic environment remains
challenging. We believe, however, that the growth and productivity
investments deployed over the past year should help us in the successful
delivery of our full year commitments as we build a strong foundation
For the nine months ending September 29, 2013, operating cash flow from
continuing operations was $87.0 million as compared to $113.8 million
for the same period a year ago. Adjusted operating cash flow was $161.8
million as compared to $150.3 million for the same period a year ago.
Financial Overview by Reporting Segment for the Third Quarter 2013
Revenue of $292.4 million, as compared to $287.3 million for the third
Operating income of $43.9 million, as compared to $34.4 million for
the same period a year ago.
Adjusted revenue of $293.2 million, as compared to $292.5 million for
the third quarter of 2012.
Adjusted operating income of $65.6 million, as compared to $63.1
million for the same period a year ago.
Adjusted operating profit margin was 22.4% as a percentage of adjusted
revenue, an increase of approximately 80 basis points as compared to
the third quarter of 2012.
Environmental Health
Revenue of $231.9 million, as compared to $222.4 million for the third
quarter of 2012. Revenue and organic revenue increased 4%.
Operating income of $21.9 million, as compared to $18.5 million for
the same period a year ago.
Adjusted operating income of $24.5 million, as compared to $24.9
million for the same period a year ago.
Adjusted operating profit margin was 10.6% as a percentage of revenue,
a decrease of approximately 60 basis points as compared to the third
Financial Guidance - Updated
For the full year 2013, the Company continues to forecast 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 $1.42 to $1.45 and on a
non-GAAP basis, which is expected to include the adjustments noted in
the attached reconciliation, updates adjusted earnings per share to a
range of $2.04 to $2.07 from a range of $2.03 to $2.10.
Conference Call Information
The Company will discuss its third quarter results and its outlook for
business trends in a conference call on October 30, 2013 at 5:00 p.m.
Eastern Time (ET). To access the call, please dial (857) 244-7318 prior
to the scheduled conference call time and provide the access code
41687195. A playback of this conference call will be available beginning
7:00 p.m. ET, Wednesday, October 30, 2013. The playback phone number is
(617) 801-6888 and the code number is 98229902.
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