PerkinElmer sees Q3 profit jump; revises full-year outlook

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PerkinElmer has reported financial results for the 2008 third quarter, which ended Sept. 28.

For the quarter, the company reported revenue was $505.1 million, an increase of 16 percent versus the third quarter 2007.

Net income from continuing operations was $43.8 million, up 41 percent compared to $31.1 million for the same period in 2007. Based on generally accepted accounting principles (GAAP), operating profit from continuing operations for the third quarter 2008 was $45.3 million, compared to $45.8 million for the same period a year ago.

On a non-GAAP basis, adjusted operating profit for the third quarter 2008 was $69.5 million, up 20 percent compared to $58 million in the third quarter 2007. For the third quarter of 2008, cash flow from operations was $32.4, up 39 percent from the same period a year ago.

Perkin reported that its Life and Analytical Sciences segment saw revenue of $373.4 million for the third quarter 2008, up 17 percent from revenue of $319.3 million in the third quarter 2007. The segment’s GAAP operating profit for the third quarter 2008 was $29.6 million, compared to $29.3 million for the same period one year ago.

Its Optoelectronics segment booked revenue of $131.7 million for the third quarter 2008, up 13 percent from revenue of $116.3 million in the third quarter 2007. The segment’s GAAP operating profit for the third quarter 2008 was $25.5 million, compared to $24.6 million for the same period last year, the company said.

Despite the positive quarter results, PerkinElmer also widened the lower end of its full-year profit guidance, which Robert F. Friel, president and CEO of PerkinElmer, said was due to the tight economic market and broad economic concerns.

For the full year 2008, the company expects GAAP earnings per share from continuing operations in the range of $1.19 to $1.24 and non-GAAP adjusted earnings per share in the range of $1.48 to $1.53, which is expected to include the adjustments noted in the attached reconciliation. This would represent a 14 to 18 percent increase in adjusted EPS over 2007, according to Perkin.