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TheStreet Open House

PerkinElmer Announces Financial Results For The Second Quarter Of 2012

Stock quotes in this article: PKI

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 second quarter ended July 1, 2012.

The Company reported GAAP earnings per share from continuing operations of $0.29, as compared to $0.26 in the second quarter of 2011. Revenue in the second quarter of 2012 was $521.8 million, as compared to $479.1 million in the second quarter of 2011. GAAP operating income from continuing operations for the second quarter of 2012 increased 26% to $49.8 million, compared to $39.4 million in the second quarter of 2011. GAAP operating profit margin from continuing operations was 10% in the second quarter of 2012, compared to 8% in the second quarter of 2011.

Adjusted earnings per share grew 23% to $0.53, compared to $0.43 in the second quarter of 2011. Adjusted revenue for the quarter grew 10% to $532.3 million, compared to $485.3 million in the second quarter of 2011. Organic revenue growth was 5% after adjusting for acquisitions which added 8%, partially offset by a decrease due to foreign currency translation of 4%. Adjusted operating income for the second quarter of 2012 increased 28% to $89.7 million, compared to $70.3 million for the same period a year ago. Adjusted operating profit margin was 17%, a 240 basis points improvement compared to the same period a year ago. For the Company’s non-GAAP financial measures, adjustments have been noted in the attached reconciliations.

“I am pleased with our organization’s strong performance in the second quarter. Our newly expanded range of innovative and higher value offerings helped us generate healthy organic revenue growth and strong adjusted earnings per share in the quarter,” said Robert Friel, chairman and chief executive officer of PerkinElmer. “We’ve had an excellent first half in 2012 despite the macroeconomic environment and foreign currency headwinds. While we don’t expect economic conditions to improve over the balance of the year, our strong performance in the first half enables us to accelerate investments in our long term growth initiatives in the second half.”

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