Third-quarter earnings slumped at PerkinElmer Inc., with slower sales and restructuring costs catching much of the blame for the decline.
Overall sales fell 9 percent to $437.1 million during the three months ended Sept. 30, down from $478.8 million a year ago. Net income was $13.6 million, or 14 cents per share, off $38.3 million from the $51.9 million, 35 cents-per-share profit reported for the third quarter of 2008.
Absent special charges, the Waltham, Mass.-based life sciences firm earned 30 cents a share, also down from $0.34 in adjusted profits in 2008, but ahead of company projections and Wall Street estimates for the quarter by at least three cents.
CEO Robert Friel said Perkin Elmer “continues to perform very well through this difficult environment,” particularly in key markets such as Asia and India.
“Overall we believe our end markets are stabilizing and we are seeing some encouraging signs of sequential improvement,” Friel said.
During the third quarter, PerkinElmer acquired SYM-BIO LifeScience and Surendra Genetic Labs, expanding its neonatal diagnostics business. Perkin Elmer also GE Healthcare’s reagent lines, adding to its position in radiochemical research consumables.
Sales for PerkinElmer’s human health unit slid 9 percent during the third quarter, with reported revenues of $180.2 million versus $282.1 million during the Sept. 2008 period. Revenues for its environmental health unit were $256.9 million, down 8 percent from last year.