PerkinElmer Shares Up 11% (PKI)

Shares of Waltham, Massachusetts based PerkinElmer, Inc. PKI are currently up 11.1% at $22.28 per share during Friday afternoon trading. Today's trading range for shares of PerkinElmer, Inc. has been between $21.02 and $22.45 per share. The consensus price target of analysts covering the company's stock is $25.42 per share. Volume of 3 million shares is already far above the daily average volume of 1.9 million shares. PerkinElmer, Inc. (PKI) released financial results on Thursday after the market closed that easily beat Wall Street estimates. The company reported 2nd quarter adjusted earnings of 38 cents per share, on revenue of $497.8 million. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 33 cents per share, on revenue of $464.65 million. “We are pleased with our performance for the second quarter of 2010 as we generated significant revenue and EPS growth as well as strong cash flow,” said chairman and chief executive officer Robert Friel. “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.” Read more from Benzinga's Company news.