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PerkinElmer says Q4 revenue and EPS to exceed prior guidance

Economy, Finance

PerkinElmer Inc. shares rose 1.2% in premarket trade Tuesday, after the diagnostics company said it expects fourth-quarter revenue and adjusted per-share earnings to exceed previous guidance. The Waltham, Mass.-based company said it expects adjusted EPS of at least $2.40 for the quarter, ahead of the FactSet consensus of $2.18. Earnings were driven by better-than-expected results in COVID and non-COVID-related product lines, with the latter expected to see organic revenue growth of about 10%. “The company also expects to report fourth quarter 2021 COVID related revenues of approximately $320 million,” the company said in a statement. “This will bring the full year 2021 contribution from COVID related products and services to over $1.5 billion.” For the full year, PerkinElmer is expecting revenues of about $5.0 billion, compared with a FactSet consensus of $4.97 billion. Shares have gained 15% in the last 12 months, while the S&P 500 has gained 22%.

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