PerkinElmer reported financial results for the fourth quarter and full year ended December 31, 2017.
The company reported GAAP losses per share from continuing operations of $0.35, including the impact of the Tax Cuts and Jobs Act of 2017, as compared to GAAP earnings per share from continuing operations of $0.57 in the fourth quarter of 2016. GAAP revenue for the quarter was $641.6 million, as compared to $566.8 million in the fourth quarter of 2016. GAAP operating income from continuing operations for the quarter was $97.4 million, as compared to $80.4 million in the fourth quarter of 2016. GAAP operating profit margin was 15.2% as a percentage of revenue.
Adjusted earnings per share from continuing operations for the quarter was $0.97, as compared to $0.83 in the fourth quarter of 2016. Adjusted revenue for the quarter was $641.8 million, as compared to $567.0 million in the fourth quarter of 2016. Adjusted operating income from continuing operations for the quarter was $137.0 million, as compared to $120.6 million for the same period a year ago. Adjusted operating profit margin was 21.4% as a percentage of adjusted revenue.
The company reported GAAP earnings per share from continuing operations of $1.42, including the impact of the Tax Cuts and Jobs Act of 2017, as compared to $1.96 in 2016. GAAP revenue for the year was $2.257 billion, as compared to $2.116 billion in 2016. GAAP operating income from continuing operations for the year was $304.8 million, as compared to $283.1 million in 2016. GAAP operating profit margin was 13.5% as a percentage of revenue.
Adjusted earnings per share from continuing operations for the year was $2.90, as compared to $2.60 in 2016. Adjusted revenue for the year was $2.258 billion, as compared to $2.116 billion in 2016. Adjusted operating income for the year was $427.7 million, as compared to $393.6 million in 2016. Adjusted operating profit margin was 18.9% as a percentage of adjusted revenue.
“It was a strong finish to a very good year as we not only delivered solid financial results but also made meaningful strategic moves that have improved the growth and competitive strength of our businesses,” said Robert Friel, chairman and chief executive officer of PerkinElmer. “With the completion of the EUROIMMUN transaction, we enter 2018 with an improved portfolio, wider reach and a more capable organization thereby increasing the positive impact we have on global health while continuing to create value for our shareholders.”
Fourth quarter 2017 revenue of $448.2 million, as compared to $409.9 million for the comparable prior period. Reported revenue increased 9% and organic revenue increased 6.5%. Full year 2017 revenue of $1.578 billion, as compared to $1.513 billion in 2016. Full year 2017 reported and organic revenues increased 4%.
Fourth quarter 2017 operating income of $77.0 million, as compared to operating income of $69.7 million for the comparable prior period. Full year 2017 operating income of $206.7 million, as compared to operating income of $196.8 million for 2016.
Fourth quarter 2017 adjusted operating income of $93.7 million, as compared to $82.9 million in the comparable prior period. Fourth quarter 2017 adjusted operating profit margin was 20.9% as a percentage of revenue, as compared to 20.2% in the fourth quarter of 2016. Full year 2017 adjusted operating income of $270.9 million, as compared to adjusted operating income of $255.9 million for 2016. Full year 2017 adjusted operating profit margin was 17.2% as a percentage of revenue, as compared to 16.9% in 2016.
Fourth quarter 2017 revenue of $193.4 million, as compared to $156.8 million for the comparable prior period. Fourth quarter 2017 reported revenue increased 23% and organic revenue excluding EUROIMMUN increased 6%. Full year 2017 revenue of $678.5 million, as compared to $602.5 million in 2016. Full year 2017 reported revenue increased 13% and organic revenue excluding EUROIMMUN increased 5%.
Fourth quarter 2017 operating income of $34.5 million, as compared to $36.3 million for the comparable prior period. Full year 2017 operating income of $149.6 million, as compared to operating income of $149.6 million for 2016.
Fourth quarter 2017 adjusted operating income of $59.5 million, as compared to $48.1 million for the comparable prior period. Fourth quarter 2017 adjusted operating profit margin was 30.8% as a percentage of adjusted revenue, as compared to 30.6% in the fourth quarter of 2016. Full year 2017 adjusted operating income of $210.4 million, as compared to adjusted operating income of $185.8 million for 2016. Full year 2017 adjusted operating profit margin was 31.0% as a percentage of adjusted revenue, as compared to 30.8% in 2016.
For the full year 2018, the company forecasts GAAP earnings per share from continuing operations of $2.28 and on a non-GAAP basis, which is expected to include the adjustments noted in the attached reconciliation, adjusted earnings per share of $3.50.