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PerkinElmer shares jumped in early trading Friday after the release of third quarter earnings that, despite a sharp drop in year-over-year profits, showed an improving outlook for the biotechnology and health-care technology company.
The company’s stock was up nearly 3 percent after the New York Stock Exchange’s opening bell Friday. PerkinElmer’s stock later settled at around $19.20 a share, up from $18.97 a share at the previous day’s close. The Waltham-based company reported a profit of $13.6 million in the third quarter, down from $51.9 million in the third quarter of 2008. The company’s revenue from continuing operations in the period was $437.1 million, down 9 percent from the corresponding period last year.
PerkinElmer (NYSE: PKI) officials said conditions should continue to improve and raise year-end earnings guidance to a range of $1.23 to $1.26 per share. That’s up from a prior forecast of $1.18 to $1.24 per share.
PerkinElmer, which makes instruments and consumables for pharmaceutical and biomedical companies, had cash on hand of $150.6 million as of Oct. 4, down from $179.1 million at the end of 2008.
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