PerkinElmer Clocks Lower Quarterly Earnings, But Beat Expectations

PerkinElmer Inc's PKI Q3 revenues, including Applied, Food & Enterprise Services (AES), decreased 11.7% Y/Y to $1.03 billion, beating the consensus of $1.01 billion.
Revenue excluding AES reached $711.8 million, down 17.4% Y/Y.
Discovery & Analytical Solutions posted $313 million in revenues, +51% (14% organic).
Discovery & Analytical Solutions proforma sales increased 23% Y/Y to $633 million (+12% organic).
Related: PerkinElmer Offloads Applied, Food & Enterprise Services Businesses For ~$2.5B.
Diagnostics segment sales fell 39% Y/Y (-33% organically) to $399 million.
Pro forma adjusted earnings per share was $1.51, as compared to $2.31 in the same period a year ago, beating the consensus of $1.45.
Guidance: For Q4 FY2022, PerkinElmer forecasts total revenue from continuing operations of $0.73 billion.
Pro forma total revenue is expected to be approximately $1.06-$1.07 billion (consensus of $1.09 billion), and pro forma adjusted EPS of $1.65-$1.67 (vs. consensus of $1.65).
For FY22, the company now forecasts total revenue from continuing operations of $3.30 billion. Pro forma total revenue is expected to be approximately $4.59-$4.60 billion (vs. consensus of $4.61 billion), and pro forma adjusted EPS of $7.89-$7.91 (consensus of $7.76).
This compares to the earlier forecast of $4.60-4.64 billion and $7.80-7.90, respectively.
Price Action: PKI shares traded lower by 1.25% at $127.59 on the last check Tuesday.