Perkin Elmer Announces Financial Results for Q2 of 2012

Robert Friel, Chairman and CEO of Perkin Elmer announced today that he was very pleased with the “strong performance in the second quarter.” Adjusted revenues for the quarter rose by 10% from $485.3m last year to $532.3m this year. The additional $47m of revenue came mainly from their Human Health business which added $41.3m of the total, while the remainder came from their Environmental Health business. Organic revenue growth was 5% after adjusting for acquisitions which added 8%, partially offset by a decrease due to foreign currency translation of 4%. Adjusted operating income for the second quarter of 2012 increased 28% to $89.7 million, compared to $70.3 million for the same period a year ago. Adjusted operating profit margin was 17%, a 240 basis points improvement compared to the same period a year ago.

Friel added, “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.” Adjusted earnings per share grew 23% to $0.53, compared to $0.43 in the second quarter of 2011.

Looking forward, the company reiterated its guidance for the full year 2012, forecasting organic revenue to increase in the mid-single digit range relative to 2011. For the full year 2012, the Company now forecasts GAAP earnings per share from continuing operations in the range of $1.21 to $1.26 and reaffirms its previously communicated guidance for adjusted earnings per share of $2.00 to $2.05.

This year Perkin Elmer celebrates their 75th anniversary. It was back in 1937 that the company was established by Richard S. Perkin, a banker and Charles W. Elmer, a court reporter who shared a passion for astronomy. It was this passion that drove them to establish an optics design and consulting business. Not in their wildest dreams could they have imagined that 75 years later, Perkin Elmer would have annual revenues of around $1.9 billion and 7000 employees working from 150 operations around the globe.

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