PerkinElmer (PKI) Tops Q2 EPS by 5c, Revenues Beat; Boosts FY18 EPS Outlook

PerkinElmer (NYSE: PKI) reported Q2 EPS of $0.91, $0.05 better than the analyst estimate of $0.86. Revenue for the quarter came in at $703.4 million versus the consensus estimate of $693.01 million.

• GAAP revenue growth of 29% to $703.4 million; Core Organic revenue growth of 10%
• GAAP earnings per share from continuing operations of $0.58; Adjusted earnings per share of $0.91, an increase of 36%
• GAAP operating income margin of 12.5%; Adjusted operating income margin from continuing operations of 19.7%, an increase of 180 basis points
• Raises FY18 Guidance

“We saw continued momentum in the business as both segments experienced double-digit organic revenue growth in the second quarter,” said Robert Friel, chairman and chief executive officer of PerkinElmer. “Our focus on bringing innovative new product offerings to market, while targeting attractive end markets where our capabilities are well differentiated, continues to drive solid revenue and adjusted earnings growth. As a result, we are once again raising our full year organic revenue outlook and adjusted earnings per share guidance.”

Raises Financial Guidance – Full Year 2018

For the full year 2018, the Company previously forecast GAAP earnings per share from continuing operations of $2.25 and, on a non-GAAP basis, adjusted earnings per share of $3.60. The Company now forecasts GAAP earnings per share from continuing operations of $2.39, and on a non-GAAP basis, which is expected to include the adjustments noted in the attached reconciliation, adjusted earnings per share of $3.65.

GUIDANCE:

PerkinElmer sees FY2018 EPS of $3.65, versus the consensus of $3.61.

For earnings history and earnings-related data on PerkinElmer (PKI) click here.

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