PerkinElmer Inc. lowered its guidance for the full year after posting sales and earnings slides for the second quarter.
Revenues for the Waltham, Mass.-based devices and diagnostics giant slipped 14 percent to $434.6 million for the three months ended July 5, compared with the $505 million posted during the same period last year.
Net income also fell, dropping to $21.5 million for the quarter compared with $23.7 million during the second quarter of 2008, a 9.3 percent decline.
But despite the declines, which chairman and CEO Robert Friel chalked up in part to the impact of declining large capital purchases on PerkinElmer’s imaging business and higher tax rates, the company managed to boost its operating margin from 15.3 percent during Q2 2008 to 18.9 percent during the just-ended quarter.
As for that revised guidance, PerkinElmer said it expects “a mid-single-digit decline” in organic revenue, and said earnings-per-share would be in the range of $0.81 to $0.87.