PerkinElmer slides on Q2 sales miss

Shares in PerkinElmer Inc. (NYSE:PKI) fell today after the healthcare company missed expectations on Wall Street with its 2nd quarter earnings results.

The Waltham, Mass.-baed company posted profits of $204.1 million, or $1.84 per share, on sales of $547 million for the 3 moths ended July 2, for bottom-line growth of 219.6% while sales grew 2% compared with the same period last year.

Adjusted to exclude 1-time items, earnings per share were 67¢, just in line with the 67¢ consensus on Wall Street, where analysts were expecting to see sales of $554 million.

“We continued to make excellent progress in the second quarter, driving operating efficiencies and executing on our strategic initiatives. During the quarter we announced our agreement to acquire Euroimmun and completed the successful divesture of our non-core medical imaging business, actions we believe improve our growth trajectory while expanding our capabilities. Based on our overall performance for the first half, we remain on track to deliver our full year 2017 financial commitments,” chair & chief exec Robert Friel said in a prepared statement.

PerkinElmer said it expects to post GAAP earnings per share of between $2.23 and $2.31 for the full fiscal year, with adjusted earnings per share between $2.84 and $2.92.

Shares in PerkinElmer have fallen 3.2% so far today, at $64.23 as of 3:40 p.m. EDT.

The post PerkinElmer slides on Q2 sales miss appeared first on MassDevice.

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