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UPDATE: PerkinElmer Revenues Climb 14 Percent in Second Quarter

The article has been updated to provide additional information.

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – PerkinElmer reported after the close of the market Thursday that revenues for the second quarter climbed nearly 14 percent, outpacing consensus analyst estimates.

In the three months ended July 4, the company posted revenues of $497.8 million, up from $438.3 million a year ago. Wall Street had expected revenues of $464.7 million for the quarter.

The firm's Environmental Health segment saw especially strong growth as revenues rose to $300.4 million for the quarter, up nearly 19 percent from $253.4 million in the year-ago quarter. Revenues for PerkinElmer's other segment, Human Health, increased 7 percent to $197.5 million, compared to $184.9 million a year ago.

Profits more than doubled to $57.6 million, or $0.49 per share, during the quarter from $21.5 million, $0.18 per share, a year ago on a GAAP basis.

The Q2 2010 figure includes two gains taken by PerkinElmer during the quarter totaling $29 million. One is related to the acquisition of the remaining half of a mass spec joint venture that the company had with MDS.

The company also took a gain related to an asset sale that was completed during the second quarter.

On an adjusted basis, EPS was $0.38 for the quarter, compared to $0.28 a year ago, and exceeded Wall Street estimates of $0.33.

"During the first half of this year we have made very good progress against our strategic priorities of increasing the growth profile of the company through leveraging adjacent markets and geographic expansion as well as establishing a framework to drive higher profitability," Robert Friel, chairman and CEO of PerkinElmer, said in a statement.

The company spent $27 million on R&D during the quarter, up from $25.8 million. SG&A costs rose to $133.3 million from $124 million a year ago. The firm also recorded a charge of $9.9 million related to restructuring and leases.

PerkinElmer said it had $215.7 million in cash and cash equivalents as of July 4.

The company raised its forecast for full-year 2010 to between $1.49 and $1.54 per share on an adjusted basis, which would represent an improvement over full-year 2009 figures of 17 percent to 21 percent.

In early Friday trading on the New York Stock Exchange, shares of PerkinElmer were up 10 percent to $21.97.

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