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