Massachusetts-based PerkinElmer, Inc. (PKI) has reported outstanding financial results for the third quarter of 2021. The company provides products, services and solutions to diagnostics, life science, environmental, food and applied markets.
Adjusted earnings came in at $2.31 per share, significantly above the Street’s estimate of $1.71 per share and the year-ago figure of $2.09 per share.
Revenue increased 21% year-over-year to $1.17 billion, exceeding analysts’ expectations of $1.03 billion. (See Insiders’ Hot Stocks on TipRanks)
Discovery & Analytical Solutions segment’s revenue grew 21% to $513 million, and revenue generated by the Diagnostics segment totaled $654 million, up 21% year-over-year.
The President and CEO of PerkinElmer, Prahlad Singh, said, “I am proud of the team’s tireless efforts to proactively respond to and execute for our customers around the world, driving double-digit core growth in all major regions during the third quarter.”
Meanwhile, the company also issued guidance for the fourth quarter of 2021. It expects revenue and adjusted EPS of around $1.2 billion and $2.05, respectively, for the quarter.
Further, PerkinElmer has updated its outlook for 2021. The company projects to post revenue of $4.9 billion and adjusted earnings of $10.81 per share.
Overall, the stock has a Hold consensus rating based on 1 Hold. The average PerkinElmer price target of $160 implies 9.3% downside potential. Shares have gained 35% over the past six months.
TipRanks’ Hedge Fund Trading Activity tool shows that confidence in PerkinElmer is currently Negative, as the cumulative change in holdings across all eight hedge funds that were active in the last quarter was a decrease of 121,100 shares.