PerkinElmer Earnings Cheat Sheet: Net Income Declines for Two Quarters Straight

S&P 500 (NYSE:SPY) component PerkinElmer, Inc. (NYSE:PKI) reported its results for the second quarter. PerkinElmer, Inc. provides technology, services and solutions to the environmental monitoring, diagnostics, academic research and safety security markets.

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PerkinElmer Earnings Cheat Sheet for the Second Quarter

Results: Net income for PerkinElmer, Inc. fell to $28.6 million (25 cents per share) vs. $57.6 million (49 cents per share) a year earlier. This is a decline of 50.5% from the year earlier quarter.

Revenue: Fell 3.7% to $479.5 million from the year earlier quarter.

Actual vs. Wall St. Expectations: PKI reported adjusted net income of 42 cents per share. By that measure, the company beat the mean estimate of 40 cents per share. Analysts were expecting revenue of $477.6 million.

Quoting Management: Chairman and Chief Executive Officer Robert Friel stated, “In the first half of 2011, we have made significant progress toward our strategic initiative of increasing the growth profile of the Company including the addition of several strategic acquisitions as well as continued progress against our multi-year productivity initiatives.”

Key Stats:

The company has now topped analyst estimates for the last four quarters. It beat the mark by 4 cents in the first quarter, by 3 cents in the fourth quarter of the last fiscal year, and by 2 cents in the third quarter of the last fiscal year.

Revenue has fallen in the past four quarters. Revenue declined 3.7% to $447.9 million in the first quarter. The figure fell 7.7% in the fourth quarter of the last fiscal year from the year earlier and dropped 4.1% in the third quarter of the last fiscal year from the year-ago quarter.

The company has now seen net income fall in each of the last two quarters. In the first quarter, net income fell 3.6% from the year earlier quarter.

The company’s cost of sales fell 5.1% from a year earlier to $270.5 million. Last quarter, cost of sales was 56.4% or revenue versus 57.3% a year earlier.

Competitors to Watch: Thermo Fisher Scientific Inc. (NYSE:TMO), Waters Corporation (NYSE:WAT), Beckman Coulter, Inc. (NYSE:BEC), Bruker Corporation (NASDAQ:BRKR), Harvard Bioscience, Inc. (NASDAQ:HBIO), Agilent Technologies Inc. (NYSE:A), Caliper Life Sciences Inc. (NASDAQ:CALP), Becton, Dickinson and Co. (NYSE:BDX), Bio-Rad Laboratories, Inc. (NYSE:BIO), and Sequenom, Inc. (NASDAQ:SQNM).

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(Source: Xignite Financials)

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