NEW YORK (AP) — PerkinElmer Inc. shares climbed Friday after the health and industrial sciences company posted solid second-quarter results and maintained its full-year forecast despite the shaky European economy.
Wedbush analyst Zarak Khurshid said it is "impressive" that PerkinElmer is keeping its profit outlook even though the dollar has gotten stronger and its European environment and research instruments business was weaker.
A stronger dollar cuts the value of overseas sales when they're translated back into the dollar.
Shares of PerkinElmer rose $2.35, or 9.5 percent, to $27.18 in afternoon trading.
He said the company's diagnostics and laboratory service businesses did particularly well during the period, and lifted his price target by $1 to $35.
PerkinElmer said its net income rose 13 percent to $33.6 million, or 29 cents per share, in the three months ended July 1. Its adjusted income of 53 cents per share surpassed Wall Street estimates of 49 cents per share.
Revenue grew 9 percent to $521.8 million, 3 percent lower than what analysts polled by FactSet expected.
The company kept its annual adjusted income forecast to $2 to $2.05 per share, which brackets Wall Street expectations.