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S&P 500 (NYSE:SPY) component PerkinElmer Inc. (NYSE:PKI) reported net income above Wall Street’s expectations for the second quarter. PerkinElmer provides technology, services, and solutions to the environmental monitoring, diagnostics, academic research, and safety security markets.
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PerkinElmer Inc. Earnings Cheat Sheet
Results: Net income for PerkinElmer Inc. rose to $33.6 million (29 cents per share) vs. $29 million (25 cents per share) in the same quarter a year earlier. This marks a rise of 15.9% from the year-earlier quarter.
Revenue: Rose 8.8% to $521.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: PerkinElmer Inc. reported adjusted net income of 53 cents per share. By that measure, the company beat the mean estimate of 49 cents per share. It beat the average revenue estimate of $509.8 million.
Quoting Management: “I am pleased with our organization’s strong performance in the second quarter. Our newly expanded range of innovative and higher value offerings helped us generate healthy organic revenue growth and strong adjusted earnings per share in the quarter,” said Robert Friel, chairman and chief executive officer of PerkinElmer.
“We’ve had an excellent first half in 2012 despite the macroeconomic environment and foreign currency headwinds. While we don’t expect economic conditions to improve over the balance of the year, our strong performance in the first half enables us to accelerate investments in our long term growth initiatives in the second half.”
The company has now topped analyst estimates for the last four quarters. It beat the mark by 2 cents in the first quarter, by 11 cents in the fourth quarter of the last fiscal year, and by 2 cents in the third quarter of the last fiscal year.
Revenue has increased for four consecutive quarters. Revenue increased 14.1% to $510.9 million in the first quarter. The figure rose 14.9% in the fourth quarter of the last fiscal year from the year earlier and climbed 8.3% in the third quarter of the last fiscal year from the year-ago quarter.
Looking Forward: The average estimate for the third quarter is steady at 47 cents a share. For the fiscal year, the average estimate has moved up from $2.02 a share to $2.04 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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