PerkinElmer shares rise on 1Q profit, revenue boost
NEW YORK—Shares of PerkinElmer Inc. rose Friday after the lifesciences company reported a 37 percent boost in first-quarter profit and a positive outlook for the second quarter.
The stock rose $2.45, or 9.8 percent, to $27.48 Friday. Shares have traded between $21.88 and $30 over the last 52 weeks.
The Waltham, Mass.-based company's profit jumped on sales increases in its life-sciences and optoelectronics units. The company sells a range of products to researchers, drug developers and health care providers.
PerkinElmer also set its second-quarter profit guidance of 33 cents to 35 cents per share -- compared with an average analyst estimate of 33 cents per share -- and said revenue could beat expectations.
The company benefited from its size and reach, said Robert W. Baird analyst Quintin J. Lai in a note to investors Friday. Its broad range of products helped offset any weakness in spending from large pharmaceutical companies. He reaffirmed an "Outperform" rating and raised his price target to $32 from $31.
Lehman Brothers analyst Charles Butler, meanwhile, said the company's ViaCell unit could continue to see growth and strong and reagent products used for clinical testing continue to experience strong demand. He reaffirmed a "Equal Weight" rating with a $29 price target.
