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PerkinElmer posts higher 3Q profit, revenue

November 3, 2011

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WALTHAM, Mass.—Health and industrial sciences company PerkinElmer Inc. said Thursday that its profit more than doubled in the third quarter, aided by higher sales.

The company reported net income of $35.3 million, or 31 cents a share, for the three months ended Oct. 2. That compares with net income of $13.4 million, or 11 cents a share, in the comparable prior-year quarter.

Excluding amortization costs, purchase accounting adjustments and other one-time items, PerkinElmer's earnings amounted to 41 cents a share, the company said.

On that basis, analysts had forecast, on average, earnings of 39 cents a share, according to FactSet.

Revenue rose 8 percent to $453.7 million from $419.1 million a year earlier. Analysts had expected $470.3 million.

PerkinElmer said it expects adjusted 2011 earnings per share will range between $1.66 and $1.68. Analysts are anticipating an adjusted profit of $1.66 a share.

Shares of PerkinElmer ended the regular trading session up 83 cents, or 4.2 percent, at $20.63. They were unchanged in extended trading following the release of the earnings report.