Earnings Review and Free Research Report: PerkinElmer’s Q2 Bottom-line Met Expectations; Raised Outlook
Research Desk Line-up: Agilent Technologies Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 22, 2017 /Pro-Trader Daily has just published a free post-earnings coverage on PerkinElmer, Inc. (NYSE: PKI), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=PKI, following the Company's reporting of its financial results on August 03, 2017, for the second quarter fiscal 2017 (Q2 FY17). The Waltham, Massachusetts-based Company's GAAP gross margin and adjusted gross margin expanded 160 and 70 basis points, respectively. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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For the three months ended on July 02, 2017, PerkinElmer reported revenues of $546.96 million, up 2% from $536.24 million recorded at the end of Q2 FY16. However, total revenues numbers for the reported quarter fell short of market expectations of $552.3 million. The Company recorded an organic growth of 1% during Q2 FY17.
The scientific instruments maker reported income from continuing operations of $62.73 million, or $0.57 per diluted share, in Q2 FY17 compared to $57.76 million, or $0.53 per diluted share, in Q2 FY16. The Company's adjusted earnings came in at $0.67 per diluted share for Q2 FY17, which was above the $0.63 per diluted share reported in the prior year period. Wall Street had also expected adjusted earnings of $0.67 per diluted share for Q2 FY17.
In Q2 FY17, the Company posted adjusted gross margin of $266.8 million, or 48.8% of revenues, compared to $262.1 million, or 48.9% of revenues in the year ago same quarter. Operating income from continuing operations was $76.00 million for Q2 FY17 compared to $66.27 million in past year's corresponding period. Operating profit margin came in at 13.9% of revenue for Q2 FY17, rising from 12.4% of revenue in the year ago same quarter.
Adjusted operating income stood at $99.57 million for Q2 FY17 versus $94.10 million in the previous year's comparable period. Furthermore, adjusted operating profit margin was 18.2% of adjusted revenue for Q2 FY17 compared to 17.5% of adjusted revenue in Q2 FY16.
During Q2 FY17, Discovery & Analytical Solutions segment's revenue came in at $383.13 million compared to $381.50 million in the year ago same period. The segment reported adjusted operating income of $63.98 million in Q2 FY17 compared to $60.02 million in Q2 FY16. Additionally, the segment's adjusted operating profit margins rose to 16.7% of segment revenue in Q2 FY17 from 15.7% of segment revenues in Q2 FY16.
PerkinElmer's Diagnostics segment revenues were $163.83 million in Q2 FY17, which was 6% higher than last year's recorded revenues numbers of $154.74 million. The segment's reported adjusted operating income was $48.76 million in Q2 FY17 versus $47.27 million in Q2 FY16. Moreover, the segment's adjusted operating profit margin was 29.7% for Q2 FY17 compared to 30.5% in Q2 FY16.
Cash Flow & Balance Sheet
In the reported quarter, PerkinElmer generated $54.45 million in cash from operations of continuing operations compared to $81.15 million in the year ago same quarter. The Company had cash and cash equivalents balance of $616.31 million as on July 02, 2017, compared to $359.27 million at the close of books on January 01, 2017. Furthermore, the Company ended the quarter with long-term debt of $1.09 billion compared to $1.05 billion as on January 01, 2017.
In a separate press release on Jul 24, 2017, PerkinElmer's Board of Directors declared a quarterly cash dividend of $0.07 per share of common stock. The dividend is payable on November 10, 2017, to all shareholders of record at the close of business on October 20, 2017.
For full FY17, PerkinElmer updated GAAP earnings per share from continuing operations to a new range of $2.23 to $2.31. Furthermore, on a non-GAAP basis, adjusted earnings are now forecasted to be between $2.84 to $2.92 per share.
On Monday, August 21, 2017, the stock closed the trading session at $64.15, climbing 1.07% from its previous closing price of $63.47. A total volume of 551.00 thousand shares have exchanged hands. PerkinElmer's stock price rallied 3.18% in the last three months, 15.25% in the past six months, and 16.00% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have surged 23.01%. The stock is trading at a PE ratio of 34.40 and has a dividend yield of 0.44%. At Monday's closing price, the stock's net capitalization stands at $7.09 billion.
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