Q: Thoughts on PKI earnings? What do you see as outlook?
5i Research Answer:
EPS of 25c beat estimates of 8c; revenue of $6.93B was 13% light. EBITDA of $327M beat by 5.5%. PKI did have a net accounting loss due to the unplanned shutdown of its Burnaby refinery. Earnings fell 17% on an adjusted basis. EPS fell from 65c in the prior year period. EBITDA fell 17%. Guidance was largely maintained "despite headwinds in some of the markets where we operate". While hardly a disaster, the declines across the board make the quarter certainly less than stellar. But this is reflected in its low valuation. 15%+ earnings growth is expected over the next year.