PerkinElmer Lifts Q4 Adj. Earnings View Above Market

(RTTNews) - PerkinElmer, Inc. (PKI), a science and healthcare company, Tuesday said it expects fourth-quarter adjusted earnings per share from continuing operations to be at least $2.40.

The company previously said it expects adjusted earnings per share of $2.05 and adjusted revenue of approximately $1.2 billion for the fourth quarter.

Analysts expect the company to earn $2.12 per share for the quarter, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Reported and organic revenue for the fourth quarter is now projected to be down around 1 percent and down 12 percent, respectively, from the same period a year ago.

The company said the stronger than expected results in the fourth quarter were driven by upside in both non-COVID and COVID product lines relative to management's previous guidance.

Non-COVID organic revenue growth in the fourth quarter is expected to be approximately 10 percent. The company also expects to report fourth-quarter 2021 COVID related revenues of approximately $320 million.

For the full year 2021, the company now expects total revenues of approximately $5.0 billion. Analysts expect revenues of $4.92 billion for the year.

The company previously said it expects full-year adjusted revenue of $4.9 billion and adjusted earnings per share of $10.81.

Total revenues will include approximately $2.9 billion from its Diagnostics segment and approximately $2.1 billion from its Discovery and Analytical Solutions segment.

Full year 2021 non-COVID organic revenue growth would be approximately 16 percent. The company sees full year 2021 contribution from COVID related products and services to be over $1.5 billion.

PerkinElmer will release its fourth quarter and full year 2021 financial results after market close on February 1.

In pre-market activity on NYSE, PerkinElmer shares were gaining around 1.2 percent to trade at $186.