PerkinElmer Boosts FY22 Adj. EPS Outlook As Q3 Results Top Estimates

(RTTNews) - While reporting financial results for the third quarter on Tuesday, healthcare company PerkinElmer, Inc. (PKI) raised its adjusted earnings, while trimming pro forma revenue guidance for the full-year 2022. The company also provided outlook for the fourth quarter.

The company noted that pro forma information includes results from the Applied, Food and Enterprise Services (AES) businesses currently held for sale.

For the fourth quarter, the company anticipates pro forma adjusted earnings in a range of $1.65 to $1.67 per share on total revenue from continuing operations of $0.73 billion and pro forma total revenues between $1.06 billion and $1.07 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.65 per share on revenues of $1.09 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2022, the company now projects pro forma adjusted earnings in a range of $7.89 to $7.91 per share on total revenue from continuing operations of $3.30 billion and pro forma total revenues between $4.59 billion and $4.60 billion.

Previously, the company expected pro forma adjusted earnings in a range of $7.80 to $7.90 per share on pro forma total revenues between $4.60 billion and $4.64 billion.

The Street is looking for earnings of $7.76 per share on revenues of $4.61 billion for the year.

For the third quarter, net income decreased to $85.35 million or $0.67 per share from $127.74 million or $1.11 per share in the prior-year quarter. Net income from continuing operations declined to $69.51 million or $0.55 per share from $107.63 million or $0.94 per share in the prior-year quarter.

Excluding items, adjusted income from continuing operations was $1.21 per share, compared to $2.07 per share a year ago. Pro forma adjusted earnings were $1.51 per share, compared to $2.31 per share in the same period a year ago.

Revenue for the quarter decreased to $712.80 million from $861.32 million in the same quarter last year. Pro forma adjusted revenue was $1.03 billion, compared to $1.17 billion last year.

Analysts expected earnings of $1.46 per share on revenues of $1.01 billion for the quarter.

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