Full Press Release Details
Announces Financial Results for the Third Quarter of 2017
revenue growth of 8% to $554 million; 5% organic revenue growth
earnings per share from continuing operations of $0.87; Adjusted
earnings per share of $0.73, an increase of 14%
operating margin of 14.4%; Adjusted operating margins expand by 30
WALTHAM, Mass.--(BUSINESS WIRE)--November 2, 2017--PerkinElmer, Inc.
(NYSE: PKI), a global leader committed to innovating for a healthier
world, today reported financial results for the third quarter ended
The Company reported GAAP earnings per share from continuing operations
of $0.87, as compared to $0.49 in the third quarter of 2016. GAAP
revenue in the third quarter of 2017 was $554.3 million, as compared to
$514.5 million in the third quarter of 2016. GAAP operating income from
continuing operations for the third quarter of 2017 was $79.8 million,
as compared to $75.8 million in the third quarter of 2016.
Adjusted earnings per share was $0.73, as compared to $0.64 in the third
quarter of 2016. Adjusted revenue for the quarter was $554.5 million, as
compared to $514.7 million in the third quarter of 2016. Adjusted
operating income for the third quarter of 2017 was $107.0 million, as
compared to $97.7 million for the same period a year ago. Adjusted
operating profit margin was 19.3% as a percentage of adjusted revenue,
up 30 basis points as compared to the same period a year ago.
Adjustments for the Company's non-GAAP financial measures have been
noted in the attached reconciliations.
"We continued to drive solid execution across all of our strategic
growth initiatives during the third quarter, while also delivering
strong near term financial results," said Robert Friel, chairman and
chief executive officer of PerkinElmer. "As a result, we remain
confident in our improving growth trajectory as these initiatives should
enhance our revenue growth in 2018 and beyond."
Financial Overview by Reporting Segment for the Third Quarter of 2017
Discovery & Analytical Solutions
Revenue was $385.4 million, as compared to $365.1 million for the
third quarter of 2016. Reported revenue increased 6%. Organic revenue
Operating income from continuing operations was $47.6 million, as
compared to operating income of $46.1 million for the comparable prior
Adjusted operating income was $62.2 million, as compared to $59.1
million in the third quarter of 2016. Adjusted operating profit margin
was 16.1% as a percentage of revenue, as compared to 16.2% in the
comparable prior period.
Revenue was $168.9 million, as compared to $149.4 million for the
third quarter of 2016. Reported revenue increased 13%. Organic revenue
Operating income from continuing operations was $44.1 million, as
compared to $41.6 million for the comparable prior period.
Adjusted operating income was $56.7 million, as compared to $50.5
million in the third quarter of 2016. Adjusted operating profit margin
was 33.5% as a percentage of adjusted revenue, as compared to 33.8% in
the comparable prior period.
Updates Financial Guidance - Full Year 2017
For the full year 2017, the Company now forecasts GAAP earnings per
share from continuing operations in the range of $2.55 to $2.57 and on a
non-GAAP basis, which is expected to include the adjustments noted in
the attached reconciliation, adjusted earnings per share of $2.87 to
Conference Call Information
The Company will discuss its third quarter results and its outlook for
business trends in a conference call on November 2, 2017 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 91901490.
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, including the planned
consummation of our agreement to acquire EUROIMMUN, and license
technologies, or to successfully integrate acquired businesses 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; (8)
fluctuation in our quarterly operating results and our ability to adjust
our operations to address unexpected changes; (9) significant disruption
in third-party package delivery and import/export services or
significant increases in prices for those services; (10) disruptions in