PerkinElmer Q4 Results Top Estimates, Guides 2014 In Line

(RTTNews) - Safety and environment service company PerkinElmer, Inc. (PKI) reported a profit for the fourth quarter compared to a loss last year, reflecting lower expenses and charges as well as revenue growth.

Both adjusted earnings per share and quarterly revenues topped analysts' expectations. The company also provided earnings guidance for the full-year 2014, in line with Street view.

"We are pleased with our strong finish to the year as we delivered solid performances in adjusted earnings per share growth, adjusted operating margin expansion and operating cash flow generation," Chairman and CEO Robert Friel said in a statement.

The Waltham, Massachusetts-based company reported net income of $64.47 million or $0.57 per share for the fourth quarter, compared to a net loss of $15.86 million or $0.14 per share in the prior-year quarter.

Income from continuing operations were $66.00 million or $0.58 per share, compared to a loss of $16.19 million or $0.14 per share in the year-ago quarter.

Excluding items, adjusted income from continuing operations for the quarter was $0.73 per share, compared to last year's $0.65 per share.

On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.70 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter grew 4 percent to $593.28 million, from $572.92 million, and adjusted revenue was $594.0 million, compared to $577.0 million in the same quarter last year, and topped fifteen Wall Street analysts' consensus estimate of $589.10 million. Organic revenue growth was 3 percent.

Among segments, human health sales increased 5 percent to $336.10 million from last year, and environmental health revenues grew 1 percent to $257.18 million from a year ago.

Gross margin for the quarter improved 90 basis points to 46.6 percent from last yea, and selling, general and administrative expenses as a percentage of total revenues declined 760 basis points from a year ago.

For fiscal 2013, the company reported net income of $164.81 million or $1.45 per share, sharply higher than $69.94 million or $0.61 per share in the prior year. Income from continuing operations were $1.46 per share, compared to $0.60 per share in the year ago.

Excluding items, adjusted income from continuing operations was $2.08 per share, compared to last year's $2.06 per share. Analysts expected the company to report earnings of $2.06 per share for fiscal 2013.

Net revenues for the full year grew to $2.17 billion from $2.12 billion in the previous year. Street was looking for full-year 2013 revenues of $2.17 billion.

Looking ahead to fiscal 2014, PerkinElmer expects adjusted earnings from continuing operations in a range of $2.40 to $2.45 per share. Street is currently looking for full-year 2014 earnings of $2.42 per share.

"By leveraging our recent growth and productivity investments, we are well positioned to deliver a year of profitable revenue growth while continuing to address the critical health and environmental needs of our customers throughout the world," Friel added.

PKI closed Thursday's regular trading session at $44.04, up $1.44 or 3.38% on a volume of 2.50 million shares.