PerkinElmer Inc. (NYSE:PKI) posted strong second-quarter results as its efforts to boost its profile and expand its geographic footprint bore fruit.
The Waltham, Mass.-based diagnostics giant reported revenues of $497.8 million for the three months ended July 4, up 13.6 percent compared with $438.3 million during the same period last year. Net income for the quarter rose 168 percent to $57.6 million, or 49 cents per diluted share, compared with $21.5 million, or 18 cents per diluted share, during Q2 2009.
Adjusted earnings per share, which accounts for amortization of intangible assets, purchase accounting adjustments, gain on the sale of a building and restructuring and lease charges, were 38 cents, compared with 28 cents during the year-ago quarter.
Chairman and CEO Robert Friel said the results prompted the company to boost its full-year EPS guidance to between $1.29 and $1.34, up from its prior forecast of $1.08 to $1.13. Adjusted EPS are expected to run between $1.49 and $1.54, up from the previous estimate of $1.43 to $1.48.