PerkinElmer Earnings: Here’s Why Investors are Not Happy Now
PerkinElmer Inc. (NYSE:PKI) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 14.13%.
PerkinElmer Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 16.28% to $0.36 in the quarter versus EPS of $0.43 in the year-earlier quarter.
Revenue: Decreased 1.08% to $505.38 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: PerkinElmer Inc. reported adjusted EPS income of $0.36 per share. By that measure, the company missed the mean analyst estimate of $0.48. It missed the average revenue estimate of $532.25 million.
Quoting Management: “The majority of the business delivered solid growth in the quarter despite challenging global economic conditions. However a portion of our portfolio experienced more significant headwinds specifically in Europe and Japan,” said Robert Friel, chairman and chief executive officer of PerkinElmer. “As a result, we are adjusting our sales forecast while maintaining the appropriate balance between prudent cost management and our growth and productivity investments.”
Key Stats (on next page)…