PerkinElmer (PKI) Tops Q1 EPS by 12c; Offers 2Q EPS/Revenue Outlook, Withdraws FY20 Guidance

PerkinElmer (NYSE: PKI) reported Q1 EPS of $0.67, $0.12 better than the analyst estimate of $0.55. Revenue for the quarter came in at $652.4 million versus the consensus estimate of $652.71 million.

• Revenue of $652.4 million; 1% reported growth; (1)% organic growth
• GAAP EPS from continuing operations of $0.30; Adjusted EPS of $0.67
• Withdrawing previously disseminated FY20 guidance due to COVID-related uncertainties

“The world has dramatically changed since our last earnings call. Over the past few months, I witnessed our 13,000 employees go above and beyond to partner with colleagues, customers, governments, and industry experts, to do everything we could to make an impact and fulfill our mission of innovating for a healthier world,” said Prahlad Singh, president and chief executive officer of PerkinElmer. “The team stepped up to deliver a very good quarter despite the macroeconomic uncertainty. The first quarter performance speaks to the diversity of our business both from a portfolio and geographic standpoint, and it highlights the resiliency and strength of our company.”

GUIDANCE:

PerkinElmer sees Q2 2020 EPS of $0.33, versus the consensus of $0.72. PerkinElmer sees Q2 2020 revenue of $610-720 million, versus the consensus of $673.68 million.

• For the second quarter of 2020, the Company forecasts GAAP revenue in the range of $610-720 million, GAAP earnings per share from continuing operations of at least $0.33 and, on a non-GAAP basis, which is expected to include the adjustments noted in the attached reconciliation, adjusted earnings per share of at least $0.65.

• Due to the COVID-19 pandemic and ongoing uncertainties related to the timing and scope of a potential customer activity rebound, PerkinElmer is withdrawing its full-year 2020 financial guidance, which was previously provided on January 27, 2020.

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

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