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Waltham, MA-based, PerkinElmer Inc. , a worldwide provider of products, services and solutions to the diagnostics, research and laboratory service markets, reported second-quarter 2017 adjusted earnings of 67 cents per share in line with the Zacks Consensus Estimate.
The company reported adjusted revenues of approximately $547.1 million, which came below the Zacks Consensus Estimate of $552.0 million. However, this came above the year-ago quarterly revenues of $536.2 million.
Segment Details
Discovery & Analytical Solutions (DAS): Revenues totaled $383.1 million in the second quarter, compared with $381.5 million in the year-ago quarter. This marked a 1% rise organically.
Meanwhile, operating profit margin, as a percentage of revenues, in the second quarter was 16.7%, above the prior-year quarter’s level of 15.7%.
Diagnostics Segment: In this segment, revenues were $163.8 million in the second quarter, as compared with $154.7 million in the year-ago quarter. This implies an 1% increase organically.
Meanwhile, operating profit margin, as a percentage of revenues, for the segment in the second quarter was 29.7%, down from 30.5% in the year-ago quarter.
Margin Details
Adjusted gross margin, as a percentage of revenues, was 48.8% in the quarter, down 10 basis points (bps) year over year. The downside was a result of an impact of acquisitions and divestitures completed in 2016.
Adjusted selling, general & administrative (SG&A) expenses, as a percentage of revenues, were 24.4%, down 100 bps from the year-ago quarter.
Research and Development (R&D) expenses, as a percentage of revenues, rose 20 bps in the quarter to $33.5 million.
As a result, the company’s overall adjusted operating margin from continuing operations came in at 18.2% of net revenues and rose 70 bps on a year-over-year basis.
PerkinElmer, Inc. Price, Consensus and EPS Surprise
For the first half of 2017, PerkinElmer’s operating cash flow from continuing operations was $95.6 million, as compared with $107.4 million in the prior-year period. The company finished the quarter with approximately $1.1 billion in debt.
Guidance Raised
The company revised its adjusted earnings guidance for full-year 2017. PerkinElmer now expects adjusted earnings per share in the band of $2.84 and $2.92, up from the previously provided range of $2.80 and $2.90.
Key Picks
PerkinElmer has a Zacks Rank #3 (Hold).
Better-ranked stocks in the broader medical sector include Edwards Lifesciences Corporation (EW - Free Report) , Abiomed Inc. and Dextera Surgical Inc. .
Edwards Lifesciences has a long-term expected earnings growth rate of 15.2%. Notably, the stock has a return of 3.4% over the last three months.
Abiomed yielded a strong return of 20.6% over the last one year. The stock has a long-term expected earnings growth rate of 30.5%.
Dextera has a projected sales growth of 54.8% for the current year. The stock promises a long-term expected earnings growth rate of 25%.
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PerkinElmer (PKI) Meets Q2 Earnings, Raises '17 Guidance
Waltham, MA-based, PerkinElmer Inc. , a worldwide provider of products, services and solutions to the diagnostics, research and laboratory service markets, reported second-quarter 2017 adjusted earnings of 67 cents per share in line with the Zacks Consensus Estimate.
The company reported adjusted revenues of approximately $547.1 million, which came below the Zacks Consensus Estimate of $552.0 million. However, this came above the year-ago quarterly revenues of $536.2 million.
Segment Details
Discovery & Analytical Solutions (DAS): Revenues totaled $383.1 million in the second quarter, compared with $381.5 million in the year-ago quarter. This marked a 1% rise organically.
Meanwhile, operating profit margin, as a percentage of revenues, in the second quarter was 16.7%, above the prior-year quarter’s level of 15.7%.
Diagnostics Segment: In this segment, revenues were $163.8 million in the second quarter, as compared with $154.7 million in the year-ago quarter. This implies an 1% increase organically.
Meanwhile, operating profit margin, as a percentage of revenues, for the segment in the second quarter was 29.7%, down from 30.5% in the year-ago quarter.
Margin Details
Adjusted gross margin, as a percentage of revenues, was 48.8% in the quarter, down 10 basis points (bps) year over year. The downside was a result of an impact of acquisitions and divestitures completed in 2016.
Adjusted selling, general & administrative (SG&A) expenses, as a percentage of revenues, were 24.4%, down 100 bps from the year-ago quarter.
Research and Development (R&D) expenses, as a percentage of revenues, rose 20 bps in the quarter to $33.5 million.
As a result, the company’s overall adjusted operating margin from continuing operations came in at 18.2% of net revenues and rose 70 bps on a year-over-year basis.
PerkinElmer, Inc. Price, Consensus and EPS Surprise
PerkinElmer, Inc. Price, Consensus and EPS Surprise | PerkinElmer, Inc. Quote
Financial Details
For the first half of 2017, PerkinElmer’s operating cash flow from continuing operations was $95.6 million, as compared with $107.4 million in the prior-year period. The company finished the quarter with approximately $1.1 billion in debt.
Guidance Raised
The company revised its adjusted earnings guidance for full-year 2017. PerkinElmer now expects adjusted earnings per share in the band of $2.84 and $2.92, up from the previously provided range of $2.80 and $2.90.
Key Picks
PerkinElmer has a Zacks Rank #3 (Hold).
Better-ranked stocks in the broader medical sector include Edwards Lifesciences Corporation (EW - Free Report) , Abiomed Inc. and Dextera Surgical Inc. .
Notably, Edwards Lifesciences sports a Zacks Rank #1 (Strong Buy), while Abiomed and Dextera have a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Edwards Lifesciences has a long-term expected earnings growth rate of 15.2%. Notably, the stock has a return of 3.4% over the last three months.
Abiomed yielded a strong return of 20.6% over the last one year. The stock has a long-term expected earnings growth rate of 30.5%.
Dextera has a projected sales growth of 54.8% for the current year. The stock promises a long-term expected earnings growth rate of 25%.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation. See Them Free>>