NEW YORK (GenomeWeb News) – PerkinElmer reported after the close of the market on Thursday that its third-quarter revenues rose 16 percent and net profit jumped nearly 70 percent due in part to a gain from discontinued operations.
The Waltham, Mass.-based firm generated revenues of $505.1 million for the three-month period ended Sept. 30, compared to revenues of $435.7 million for the same period last year. Currency translation added 2 percent to growth, and acquisitions contributed 5 percent of the year-over-year increase, the firm said.
Sales for its Life and Analytical Sciences segment rose 17 percent to $373.4 million from $319.3 million year over year, while its Optoelectronics segment sales were up 13 percent to $131.7 million from $116.3 million.
The firm made a profit of $51.9 million, or $.43 per share, compared to net earnings of $30.7 million, or $.26 per share, in the third quarter of 2007. This year’s net income results were buoyed by an $8.1 million gain related to discontinued operations.
The firm’s R&D costs were nearly flat at $27.5 million, compared with $27.7 million last year, while its SG&A costs swelled 23 percent to $131.1 million from $106.4 million.
PerkinElmer CEO Robert Friel said in a statement that the company is positioned “to capitalize on several long-term growth trends, such as early and more predictive diagnostics, greater levels of testing for consumer and product safety, and environmental monitoring.”
However, Friel also said that the “global economic uncertainty” could impact short-term growth.
PerkinElmer finished the quarter with $188.8 million in cash and cash equivalents.
The firm also said that its board of directors has authorized the repurchase of up to 10 million shares of common stock. It said that purchases would be made on the open market or through privately negotiated transactions.