) posted adjusted earnings per share (EPS) of 49 cents in the
third quarter of 2013, exceeding the Zacks Consensus Estimate by
a penny as well as the year-ago level of 45 cents by 8.9%.
Reported figurers are impressive as they depict growth of 44% in
EPS to 36 cents from 25 cents a year ago.
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PERKINELMER INC (PKI): Free Stock Analysis
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Revenues in the quarter inched up 2.9% to $524.3 million and were
in line with the Zacks Consensus Estimate. Organic revenues rose
2% in the quarter. Adjusted revenues went up only 2% to $525.1
million while organic revenues grew 2% as well.
Adjusted operating income edged up 4.2% to $81.6 million from
$78.3 million in the year-ago quarter. Adjusted operating profit
margin increased 30 basis points to 15.5% from 15.2% a year ago.
Revenues from the
segment went up 1.8% to $292.4 million while organic revenues
were flat year-over-year. Adjusted operating income rose 4.0% to
$65.6 million compared with $63.1 million in the same quarter a
year ago. Adjusted operating margin increased 80 bps to 22.4% in
rose 4.3% to $231.9 million with a 4% increase in organic
revenues. Adjusted operating income dipped marginally by 1.6% to
$24.5 million from $24.9 million in the third quarter of 2012.
Adjusted operating margin ebbed 60 bps to 10.6% compared with the
PerkinElmer had cash and cash equivalents of $132.3 million as of
Sep 30, 2013, down from $171.4 million as of Dec 31, 2012. Total
debt declined slightly to $935.9 million as of Sep 30, 2013
compared with $940.6 million as of Dec 31, 2012.
In the first nine months of 2013, cash flow from operating
activities fell 23.6% to $87.0 million from $113.8 million in the
same period of 2012, mainly driven by higher inventories.
Adjusted operating cash flow rose 7.7% to $161.8 million from
$150.3 million in the first nine months of 2012. Capital
expenditure rose 30.0% to $31.6 million compared with $24.4
million a year ago.
PerkinElmer continues to expect organic revenue growth in the
low-single digit range in the year compared with 2012. PKI
narrowed its reported earnings per share guidance to $1.42-$1.45
from the earlier range of $1.40 to $1.47 and adjusted earnings
per share to $2.04-$2.07 from $2.03 to $2.10. The current Zacks
Consensus Estimate for 2013 is the upper-end of the new guidance.
PerkinElmer, Inc. is a global technology company which provides
products and systems to the telecom, medical, pharmaceutical,
chemical, semiconductor and photographic markets. PKI has
operations in over 100 countries, and is a component of the
S&P 500 Index. Currently, it retains a Zacks Rank #3 (Hold).
While we remain on the sidelines about PKI, stock that is
performing well in the scientific instruments industry include
Mettler-Toledo International Inc.
) with a Zacks Rank #2 (Buy). Due to lack of any other favorable
stocks, we consider
Natus Medical Inc.
) from the medical instruments industry as worth to look for.
Both of them carry a Zacks Rank #1 (Strong Buy).