WALTHAM, Mass. (AP) -- Shares of PerkinElmer Inc. plunged Thursday after the maker of research and science instruments reported worse-than-expected earnings on weakening product sales and cut its outlook for the year.
The company reported net income of $32.2 million, or 28 cents per share, up from $22.6 million, or 19 cents per share, in the first quarter of 2012. A tax benefit helped earnings in the most recent quarter.
Stripping out one-time items, per-share earnings fell to 36 cents from 43 cents.
Revenue declined 1 percent to $505.4 million, from $510.9 million, as sales of the company's environmental health products dropped 3 percent and it difficulties in its European and Japanese markets.
Analysts polled by FactSet predicted profit of 48 cents per share on sales of $533 million.
PerkinElmer, based in Waltham, Mass., runs human and environmental health businesses. It makes scientific instruments and offers testing and diagnostic services.
Revenue from the company's human health business edged up to $281.3 million from $280.8 million.
Spending for government and academic laboratories in the U.S. is coming under pressure from sweeping cuts in federal spending, which went into effect March 1.
PerkinElmer cut its adjusted per-share profit outlook for 2013 to a range of $2 to $2.10 from $2.24 to $2.32.
Analysts predict profit of $2.29 per share.
The company expects revenue to increase by a low-single-digit percentage this year.
Company shares fell $4.93, or 14 percent, to $29.54 in after-hours trading. Shares rose 54 cents to close at $34.47 in regular trading.
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