PerkinElmer Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 29, 2013; Reports Impairment Charges for the Fourth Quarter of 2013; Provides Earnings Guidance for the Full Year 2014
January 31, 2014 at 02:55 am IST
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PerkinElmer Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 29, 2013. The Company reported GAAP earnings per share from continuing operations of $0.58, compared to a loss of $0.14 in the fourth quarter of 2012. Revenue in the fourth quarter of 2013 was $593.3 million, as compared to $572.9 million in the fourth quarter of 2012. GAAP operating income from continuing operations for the fourth quarter of 2013 was $84.7 million, as compared to an operating loss of $30.8 million in the fourth quarter of 2012, impacted by non-cash charges and other adjustments noted in the Company's reconciliations of non-GAAP financial measures. Adjusted earnings per share was $0.73, compared to $0.65 in the fourth quarter of 2012. Adjusted revenue for the quarter grew 3% to $594.0 million, compared to $577.0 million in the fourth quarter of 2012. Adjusted operating income for the fourth quarter of 2013 was $114.1 million, compared to $105.6 million for the same period a year ago. For the fourth quarter of 2013, operating cash flow from continuing operations was $71.1 million as compared to $39.8 million in the comparable period of 2012. Income from continuing operations before income taxes was $57,816,000 against loss of $42,740,000 a year ago. Net income was $64,473,000 or $0.57 per share against net loss of $15,856,000 or $0.14 per share a year ago. Net cash provided by operating activities was $71,703,000 against $39,524,000 a year ago. Capital expenditures were $7,427,000 against $18,058,000 a year ago.
Full year 2013 operating cash flow from continuing operations was $158.1 million as compared to $153.6 million in 2012. Income from continuing operations before income taxes was $153,332,000 against $50,587,000 a year ago. Net income was $164,812,000 or $1.45 per share against net loss of $69,940,000 or $0.61 per share a year ago. Revenue was $2,166,232,000 against $2,115,205,000 a year ago. Operating income from continuing operations was $217,442,000 against $98,543,000 a year ago. Income from continuing operations was $165,524,000 or $1.46 per diluted share against $68,441,000 or $0.60 per diluted share a year ago. Adjusted EPS was $2.08 against $2.06 a year ago. Adjusted operating income was $264,118,000 against $262,543,000 a year ago. Adjusted operating income was $344,561,000 against $352,551,000 a year ago. Capital expenditures were $38,991,000 against $42,408,000 a year ago.
Asset impairments was $6,731,000 for the fourth quarter of 2013 against $74,153,000 for the same period a year ago.
For the full year 2014, the Company forecasts GAAP earnings per share from continuing operations in the range of $1.93 to $1.98 and on a non-GAAP basis, which is expected to include the adjustments noted in the attached reconciliation, adjusted earnings per share of $2.40 to $2.45.
Revvity, Inc. (formerly PerkinElmer, Inc.) specializes in designing, manufacturing, and marketing measurement devices and analytical instruments for the healthcare, environmental, scientific research, industry and food sectors. Net sales (including intragroup) break down by family of products as follows:
- medical diagnosis equipment (61%);
- analytical tools and instruments (39%): biological molecular research tools, thermal analysis software, chemical and environmental measurement tools, genetic screening instruments, reagents, etc.
Net sales are distributed geographically as follows: the United States (46.7%), China (14.4%), the United Kingdom (4.1%) and other (34.8%).
PerkinElmer Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 29, 2013; Reports Impairment Charges for the Fourth Quarter of 2013; Provides Earnings Guidance for the Full Year 2014