PerkinElmer Sees Q1 Results Below Prior Guidance On COVID 19 Impact

(RTTNews) - Healthcare company PerkinElmer, Inc. (PKI) announced Monday that it expects first quarter 2020 revenue and earnings per share, both on a reported and adjusted basis, to be below the Company's previously communicated guidance.

While reporting financial results for the fourth quarter and the full-year 2019 on January 27, the company said, for the first quarter of fiscal 2020, it expects earnings from continuing operations of $0.33 per share and adjusted earnings of $0.70 per share on revenues of $700 million.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.71 per share on revenues of $698.97 million for the first quarter. Analysts' estimates typically exclude special items.

Prahlad Singh, president and chief executive officer of PerkinElmer, stated, "We experienced a significant deterioration in demand in China during the month of February due to the extension of the Lunar New Year holiday and the ongoing and protracted commercial disruptions in the region as a result of COVID-19."

While the company is yet to see significant disruption outside of China, they are keenly monitoring the recent virus-related developments across the globe, as increased transmission rates globally could further impact its current and future financial performance.

The company added that the situation remains highly fluid, and it is evaluating how much revenue it expects to recapture over the remainder of 2020.