PerkinElmer Q3 Results Miss Street, Cuts FY Outlook; Shares Fall 8%

(RTTNews) - Shares of PerkinElmer Inc. (PKI) slipped more than 8% on extended session Wednesday after the health care company reported a third-quarter adjusted earnings and revenues that fell short of Wall Street estimates. The company also lowered its full-year earnings outlook.

PerkinElmer's third-quarter profit dropped to $76.5 million or $0.69 per share from $91.1 million or $0.82 per share last year.

On an adjusted basis, earnings rose to $0.90 per share from $0.73 per share. However, fell short of the $0.92 per share average estimate of analysts compiled by Thomson Reuters.

Revenues for the quarter grew to $674.3 million from $554.3 million last year. Analysts had a consensus revenue estimate of $676.43 million for the quarter.

"We were pleased with the high-single digit organic revenue growth and greater than 20% adjusted EPS growth in the third quarter," said CEO Robert Friel. "This performance reinforces our belief that we have both the organization and the businesses to continue to increase our top-line growth rate and profitability."

Discovery & Analytical Solutions segment revenue increased 5% to $385.4 million, while Diagnostics revenues surged 59% to $268.1 million.

For the full year 2018, the company now forecasts adjusted earnings of $3.60 per share, down from prior outlook of $3.65 per share. Analysts currently estimate earnings of $3.66 per share.

PKI closed Wednesday's trading at $86.48, up $0.80 or 0.93% on the NYSE. The stock, however, slipped $7.18 or 8.30% in the after-hours trade.