Published on 14 Feb 2023 on Zacks via Yahoo Finance

PerkinElmer's (PKI) Q4 Earnings Top, Revenues Decline Y/Y

PerkinElmer, Inc. PKI reported fourth-quarter 2022 pro-forma adjusted earnings per share (EPS) of $1.70, which beat the Zacks Consensus Estimate of $1.66 by 2.4%. The bottom line, however, declined 33.6% from the year-ago quarter.

PerkinElmer signed an agreement to divest its Applied, Food and Enterprise Services (“AES”) businesses to an investment firm, New Mountain Capital, in August 2022 for up to $2.45 billion in total consideration. The deal is expected to close in the first quarter of 2023. The AES business is part of PKI’s Discovery & Analytical Solutions segment, which is currently held for sale and the company is reporting it as a discontinued operation. PKI reported its fourth-quarter results with combined figures for its total business, including AES. It also reported adjusted and GAAP figures separately for its continuing operations, which exclude the AES business.

Adjusted EPS from continuing operations was $1.41, down 41.7% from the year-ago period. Adjusted EPS from AES business was 28 cents, up 100% year over year.