PerkinElmer falls as outlook mostly below St. view

PerkinElmer shares drop after its 2013 profit outlook mostly falls short of Wall Street view

Associated Press

NEW YORK (AP) -- PerkinElmer's stock fell Friday after the scientific instrument maker's profit outlook for the year came in mostly below what analysts had expected.

THE SPARK: PerkinElmer said Thursday that it expects profit, excluding one-time items, of $2.24 to $2.32 per share this year. Analysts polled by FactSet had predicted earnings of $2.32 per share.

It also posted a narrower loss in the October-December period, while its revenue growth for the fourth quarter fell short of analyst predictions.

THE BIG PICTURE: PerkinElmer Inc., which is based in Waltham, Mass., makes scientific instruments for medical research and other health care purposes. It also has an environmental testing business.

SHARE ACTION: Down $1.18, or 3.4 percent, to $34.06 in afternoon trading. Shares have gained 47 percent in the past 12 months and hit an 11-year of $35.84 on Monday.

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