Health and industrial sciences company PerkinElmer Inc. said Thursday its profit fell 4 percent in the first quarter on charges related to businesses it has sold.
PerkinElmer said its profit slipped to $23.5 million, or 20 cents per share, from $24.4 million, or 21 cents per share, a year ago. Excluding one-time items, it reported an adjusted profit of 34 cents per share. Revenue rose 14 percent, to $447.9 million from $393.6 million.
Analysts expected a profit of 31 cents per share and $426 million in revenue, according to FactSet. That estimate excludes one-time costs and gains.
The company reported a loss of $2.4 million related to divested and discontinued operations in the first quarter, compared with a profit of $4.8 million on similar businesses a year ago. That countered better results from PerkinElmer's two main divisions. It said its human health revenue rose 7 percent to $202 million, and environmental health revenue grew 20 percent to $245.9 million.
PerkinElmer also raised its annual guidance and is now forecasting an adjusted profit of $1.62 to $1.67 per share. Previously it projected a profit of $1.56 to $1.64 per share.
It says revenue should grow in the mid-single digits from 2010, when it reported $1.7 billion in revenue.
Analysts expect a profit of $1.62 per share and $1.85 billion in revenue, up about 8 percent.
PerkinElmer shares declined 19 cents to $27.80 Thursday.