Full Press Release Details
Announces Financial Results for the Third Quarter of 2015
revenue of $563 million; Constant currency adjusted revenue growth
10%; Organic revenue growth 6%
earnings per share from continuing operations of $0.48; Adjusted
earnings per share of $0.60 representing 16% constant currency
full year 2015 guidance and maintains midpoint of range
WALTHAM, Mass.--(BUSINESS WIRE)--November 5, 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
third quarter ended October 4, 2015.
The Company reported GAAP earnings per share from continuing operations
of $0.48, compared to $0.38 in the third quarter of 2014. Revenue in the
third quarter of 2015 was $563.4 million, compared to $542.0 million in
the third quarter of 2014. GAAP operating income from continuing
operations for the third quarter of 2015 was $75.9 million, compared to
$58.8 million in the third quarter of 2014. GAAP operating profit margin
from continuing operations was 13.5% in the third quarter of 2015,
compared to 10.8% in the third quarter of 2014.
Adjusted earnings per share was $0.60, compared to $0.57 in the third
quarter of 2014. Adjusted revenue increased 4% and organic revenue
increased 6%, compared to the third quarter of 2014. Adjusted revenue
was $563.6 million, compared to $542.9 million in the third quarter of
2014. Adjusted operating income for the third quarter of 2015 was $95.7
million, compared to $91.3 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 effects of fluctuations in
foreign currency exchange rates, allowing for a period-to-period
comparison of underlying business performance.
"I am pleased to report another solid quarterly performance as we
delivered strong and broad-based revenue growth and profitability
despite a somewhat mixed global macro-environment," said Robert Friel,
chairman and chief executive officer of PerkinElmer. "We continue to
believe that the strength and differentiation of PerkinElmer's products
and solutions coupled with a relentless focus on executing against our
strategic priorities will afford us the ability to deliver on our
balance of year commitments and position us well for 2016 and beyond."
Financial Overview by Reporting Segment for the Third Quarter 2015
Revenue of $343.6 million, as compared to $336.9 million for the third
Operating income of $63.1 million, as compared to $48.1 million for
the same period a year ago.
Adjusted revenue of $343.8 million, as compared to $337.8 million for
the third quarter of 2014. Organic revenue increased 7%.
Adjusted operating income of $78.9 million, as compared to $73.6
million for the same period a year ago.
Adjusted operating profit margin was 22.9% as a percentage of adjusted
revenue, an increase of approximately 110 basis points as compared to
the third quarter of 2014.
Environmental Health
Revenue of $219.8 million, as compared to $205.1 million for the third
quarter of 2014. Revenue increased 7% and organic revenue increased 5%.
Operating income of $22.8 million, as compared to $18.5 million for
the same period a year ago.
Adjusted operating income of $26.9 million, as compared to $25.5
million for the same period a year ago.
Adjusted operating profit margin was 12.2% as a percentage of revenue,
a decline of approximately 30 basis points as compared to the third
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 $2.02 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
$2.56 to $2.59 representing 13-14% constant currency adjusted earnings
Conference Call Information
The Company will discuss its third quarter results and its outlook for
business trends in a conference call on November 5, 2015 at 5:00 p.m.
Eastern Time (ET). To access the call, please dial (541) 797-2422 prior
to the scheduled conference call time and provide the access code
A live audio webcast of the call will be available on the Investors
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
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,