PerkinElmer Earnings: Here’s Why Investors are Happy Now
PerkinElmer Inc. (NYSE:PKI) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 3.22%.
PerkinElmer Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 3.77% to $0.51 in the quarter versus EPS of $0.53 in the year-earlier quarter.
Revenue: Rose 4.12% to $543.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: PerkinElmer Inc. reported adjusted EPS income of $0.51 per share. By that measure, the company beat the mean analyst estimate of $0.48. It beat the average revenue estimate of $532.95 million.
Quoting Management: “I am encouraged by our performance in the second quarter as we exceeded our adjusted revenue and adjusted operating profit forecasts despite a challenging global environment. We were able to deliver sequential revenue improvements in the areas that were under pressure in the first quarter while the remaining portfolio continued to perform well,” said Robert Friel, chairman and chief executive officer of PerkinElmer. “Our second quarter performance gives us confidence in our ability to deliver organic growth and improved profitability in the back half of the year.”
Key Stats (on next page)…
Revenue increased 7.5% from $505.38 million in the previous quarter. EPS increased 41.67% from $0.36 in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.50 and has not changed. For the current year, the average estimate has moved up from a profit of $2.04 to a profit of $2.05 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)