PerkinElmer (NYSE:PKI) shares ticked up today on fourth-quarter results that came in ahead of the consensus forecast.
The Waltham, Massachusetts-based company posted profits of $179.2 million, or $1.41 per share, on sales of $1.4 billion for the three months ended Jan. 2, 2022, for a 52.9% bottom-line slide on sales growth of 0.7%.
Adjusted to exclude one-time items, earnings per share were $2.56, 37¢ ahead of Wall Street, where analysts were looking for sales of $1.36 billion.
“The last three years have been a period of positive transformation for the Company, which we accomplished through agility, teamwork and perseverance,” PerkinElmer President and CEO Prahlad Singh said in a news release. “Thanks to these efforts, I believe we are better positioned than ever to serve as a trusted, strategic partner of choice for our customers, while ensuring we create an inspiring and engaging place to work for our employees.”
PerkinElmer said it expects to log adjusted EPS of between $6.80 and $7 and sales between $4.42 billion and $4.5 billion for the full year. The company projects adjusted EPS between $2.05 and $2.10 and sales between $1.17 billion and $1.19 billion for the first quarter.
PKI shares were up 3.5% at $180.37 per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was virtually even.