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PerkinElmer posts higher 3Q profit, revenue

Thu, 11/03/2011 - 6:45pm
The Associated Press

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.

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