PerkinElmer Profit Tumbles On Lower Sales

WALTHAM, Mass. (AP) — PerkinElmer Inc., which supplies equipment and services to pharmaceutical and other companies, says third-quarter profit and sales fell, but the CEO said he was seeing encouraging signs.

The company said Thursday it earned $13.6 million, or 12 cents per share, compared with $51.9 million, or 43 cents per share, a year earlier.

Excluding charges including restructuring costs, the company said it would have earned 30 cents per share.

Analysts expected 26 cents per share, according to Thomson Reuters. Analysts followed along when the company set the bar lower — it had guided analysts to expect 25 cents to 27 cents per share.

Revenue fell to $437.1 million from $478.8 million a year earlier. Analysts expected $429.7 million.

Sales in the human health division fell 8 percent, and sales in environmental health dropped 9 percent.

Chairman and CEO Robert Friel said the company's end markets "are stabilizing and we are seeing some encouraging signs of sequential improvement."

Shares rose 52 cents, or 2.8 percent, to $18.97 in regular trading.