(Corrects diagnostics unit sales to $152.4 million in 8th
paragraph, not $142.4 million)
By Bill Berkrot
May 4 Scientific instruments maker PerkinElmer
Inc on Thursday raised its full-year earnings forecast
range with the new midpoint ahead of Wall Street estimates and
reported slightly higher-than-expected first-quarter profit and
revenue as the company rebounded from successive disappointing
PerkinElmer said it now expects 2017 adjusted earnings of
$2.80 to $2.90 per share, up from its prior forecast of $2.75 to
$2.85 per share. Analysts on average were looking for $2.82,
according to Thomson Reuters I/B/E/S.
"We come out of the quarter feeling very good," Chief
Executive Officer Robert Friel said in a telephone interview.
"I'm fairly confident we'll make some real progress this year
increasing the long-term growth trajectory of the company."
PerkinElmer, which also makes food safety and environmental
testing equipment, said profit from continuing operations fell
to $36 million, or 33 cents per share, from $41.7 million, or 38
cents a share, a year ago due to restructuring costs.
Excluding special items, the company said it had adjusted
earnings of 55 cents per share. Analysts on average expected 54
Revenue for the quarter rose 3 percent to $514 million,
edging past Wall Street estimates of $506 million.
Sales rose 1 percent to $361.8 million in the discovery and
analytical solutions division.
Sales of the diagnostics unit rose 8 percent to $152.4
million with particular strength from newborn screening in China
and emerging markets.
After engaging in a reorganization toward the end of last
year and the sale of its medical imaging business, PerkinElmer
is back on the hunt for deals to grow the company.
"We're quite excited about a robust pipeline of potential
acquisition opportunities," Friel said. "With the closing of the
divestiture of medical imaging we've got a very strong balance
(Reporting by Bill Berkrot; Editing by Alistair Bell and Lisa