Full Press Release Details
Announces Financial Results for the Third Quarter of 2014
growth of 4%; organic and adjusted revenue growth of 4%
earnings per share from continuing operations of $0.38; adjusted
earnings per share increased 14% to $0.57
adjusted operating profit margin by 110 basis points
cash flow from continuing operations of $63 million
eight million share repurchase plan
WALTHAM, Mass.--(BUSINESS WIRE)--October 30, 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
third quarter ended September 28, 2014.
The Company reported GAAP earnings per share from continuing operations
of $0.38, compared to $0.36 in the third quarter of 2013. Revenue in the
third quarter of 2014 was $542.0 million, as compared to $522.1 million
in the third quarter of 2013. GAAP operating income from continuing
operations for the third quarter of 2014 was $58.8 million, compared to
$58.0 million in the third quarter of 2013. GAAP operating profit margin
from continuing operations was 10.8% in the third quarter of 2014,
compared to 11.1% in the third quarter of 2013.
Adjusted earnings per share was $0.57, compared to $0.50 in the third
quarter of 2013. Adjusted revenue and organic revenue both increased 4%
for the quarter. Adjusted revenue was $542.9 million, compared to $523.0
million in the third quarter of 2013. Adjusted operating income for the
third quarter of 2014 was $91.3 million, compared to $82.0 million for
the same period a year ago. Adjusted operating profit margin was 16.8%
as a percentage of adjusted revenue, compared to 15.7% 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 team's performance in the third quarter as we
were able to deliver solid revenue growth, healthy adjusted operating
margin expansion, and strong year-over-year improvement in cash flow and
adjusted earnings per share," said Robert Friel, Chairman and CEO. "We
believe our growth and productivity investments combined with improved
organizational capabilities leave us well positioned for long term
For the nine months ending September 28, 2014, operating cash flow from
continuing operations was $185.7 million as compared to $88.3 million
for the same period a year ago.
Financial Overview by Reporting Segment for the Third Quarter 2014
Revenue of $301.5 million, as compared to $290.2 million for the third
Operating income of $45.0 million, as compared to $44.7 million for
the same period a year ago.
Adjusted revenue of $302.3 million, as compared to $291.0 million for
the third quarter of 2013. Adjusted revenue and organic revenue
Adjusted operating income of $70.2 million, as compared to $66.1
million for the same period a year ago.
Adjusted operating profit margin was 23.2% as a percentage of adjusted
revenue, an increase of approximately 50 basis points as compared to
the third quarter of 2013.
Environmental Health
Revenue of $240.5 million, as compared to $231.9 million for the third
quarter of 2013. Revenue and organic revenue increased 4%.
Operating income of $21.6 million, as compared to $21.9 million for
the same period a year ago.
Adjusted operating income of $28.9 million, as compared to $24.5
million for the same period a year ago.
Adjusted operating profit margin was 12.0% as a percentage of revenue,
an increase of approximately 140 basis points as compared to the third
Share Repurchase Program
On October 23, 2014, the Company's Board of Directors approved a new
share repurchase program for up to 8.0 million shares of the Company's
common stock that will expire on October 23, 2016 unless terminated
earlier, replacing the Company's existing share repurchase program which
expired on October 24, 2014.
Financial Guidance - Updated
The Company is updating guidance due to the recent trends in foreign
exchange rates. For the full year 2014, the Company now forecasts GAAP
earnings per share from continuing operations in the range of $1.80 to
$1.82, 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 $2.39 to $2.41 from a range of $2.42 to
Conference Call Information
The Company will discuss its third quarter results and its outlook for
business trends in a conference call on October 30, 2014 at 5:00 p.m.
Eastern Time (ET). To access the call, please dial (617) 213-8893 prior
to the scheduled conference call time and provide the access code
A live audio webcast of the call will also be available on the Investor
section of the Company's Web site at 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