Supported in part by the positive effects of foreign currency conversions and several recent acquisitions, PerkinElmer Inc. (NYSE:PKI) generated a $24.4 million net profit, or 21 cents per share, on $465.1 million in revenues during the three months ended April 4.
Adjusted net earnings for the Waltham, Mass.-based maker of diagnostics and research tools were $55.6 million, or 31 cents per share, beating consensus analyst opinion by 2 cents. Wall Street analysts often do not include certain expenses such as amortization or purchase accounting adjustments in their earnings forecasts if they are considered one-time events or not part of a company’s regular operations.
PerkinElmer reported adjusted earnings of $48 million on $435.2 million in sales during the first quarter of 2009. Net earnings in the year-ago quarter were 9 cents per share.
The company said first-quarter revenues for its human health segment were $188.6 million, up about 6.3 percent from the $177.3 million in segment revenues reported last year. The unit, which produces genetic screening and bio-discovery instruments, increased its operating profit to $21.8 million, up from $12.7 million a year ago.
“We continue to experience positive momentum throughout most of our end markets,” CEO Robert Friel said in a press release announcing the first quarter results. “We believe that the strength of our portfolio enhanced by our recent acquisitions and our geographic diversity make us well positioned to outperform in 2010 and beyond.”
PerkinElmer also boosted its full-year earnings forecast by between 8 cents to 10 cents per share. It said it now expects a net profit of between $1.08 to $1.13 per share — translating into a profit range of $127.3 million to $133.2 million and marking at least a $9.5 million jump from the company’s prior forecast of 98 cents to $1.05 per share.
The company reported a $85.6 million, 80-cent net profit in 2009 on $1.8 billion in sales.