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PerkinElmer's Q2 Revenues Rise 3 Percent

NEW YORK (GenomeWeb) – PerkinElmer said after the stock market closed on Thursday that its second quarter revenues grew 3 percent year over year.

The Waltham, Mass.-based company said that for the three months ended June 29, revenues were up to $556.2 million from $540.7 million in the year-ago quarter and fell short of the consensus Wall Street estimate of $571.8 million.

The firm's Human Health business segment saw a 3 percent increase in revenue year over year to $307.5 million from $297.3 million, while the Environmental Health segment rose 2 percent to $248.7 million from $243.4 million.

PerkinElmer posted a profit of $50.5 million in Q2, or $.44 per share, compared to a profit of $27.9 million, or $.25 per share, in the year-ago period, when it incurred $19.2 million in restructuring and contract termination charges. Adjusted EPS for the quarter was $.59, in line with average analysts' estimate.

The company's R&D spending for the second quarter dipped nearly 12 percent to $30.4 million from $34.4 million, while its SG&A costs were nearly flat at $147.3 million versus $147.8 million for Q2 2013.

The company finished the second quarter with $205.3 million in cash and cash equivalents.

It also said it anticipates adjusted EPS in the range of $2.42 to $2.46 for full-year 2014.

Company Chairman and CEO Rob Friel said the company expects to see "a number of new product launches in the second half of this year, giving us confidence in our ability to delivery on our full-year commitments."

In Friday morning trade on the New York Stock Exchange, shares of PerkinElmer were down 4 percent at $44.29.

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