PerkinElmer Inc. announced consolidated earnings results for the fourth quarter and full year ended December 28, 2014. For the quarter, the company reported revenue of $608,390,000 compared to $591,870,000 a year ago. Operating income from continuing operations was $30,567,000 compared to $92,930,000 a year ago. Income from continuing operations, before income taxes was $20,647,000 compared to $66,065,000 a year ago. Income from continuing operations was $31,314,000 or $0.28 per share compared to $73,455,000 or $0.65 per share a year ago. Net income was $30,787,000 or $0.27 per share compared to $66,873,000 or $0.59 per share a year ago. Adjusted EPS was $0.85 per share compared to $0.74 per share a year ago. Net cash provided by operating activities was $96,564,000 compared to $71,703,000 a year ago. Capital expenditures were $6,858,000 compared to $7,427,000 a year ago. Adjusted operating income was $130.6 million compared to $115.5 million a year ago. Operating cash flow from continuing operations was $282 million versus $157 million in 2013. Improved working capital efficiency and completed operational investments were key drivers to this significant level of improvement. Free cash flow for the fourth quarter was $90 million.

For the full year, the company reported revenue of $2,237,219,000 compared to $2,157,586,000 a year ago. Operating income from continuing operations was $210,742,000 compared to $227,794,000 a year ago. Income from continuing operations, before income taxes was $169,603,000 compared to $163,684,000 a year ago. Income from continuing operations was $161,166,000 or $1.42 per share compared to $174,267,000 or $1.54 per share a year ago. Net income was $157,778,000 or $1.39 per share compared to $167,212,000 or $1.47 per share a year ago. Adjusted EPS was $2.47 per share compared to $2.10 per share a year ago. Net cash provided by operating activities was $281,597,000 compared to $158,591,000 a year ago. Capital expenditures were $29,072,000 compared to $38,981,000 a year ago. Adjusted operating income was $394.6 million compared to $347.2 million a year ago.

For the full year 2015, the company forecasts GAAP earnings per share from continuing operations in the range of $2.04 to $2.10 and on a non-GAAP basis, which is expected to include the adjustments noted in the attached reconciliation, adjusted earnings per share of $2.58 to $2.64. The guidance assumes that the stronger US dollar will negatively impact earnings per share for 2015 by approximately $0.15. The company expects revenue of $2.28 billion to $2.32 billion. The company expects adjusted gross margin expansion of approximately 20 to 30 basis points and adjusted operating margin expansion of 30 to 50 basis points. Net interest expense is expected to be approximately $42 million to $44 million and adjusted tax rate is expected to be 21%.

For the first quarter of 2015, the company is forecasting reported revenues to be in the range of $530 million to $540 million or essentially flat that represent organic revenue growth of 3% to 4%. Adjusted earnings per share expects to be in the range of $0.44 to $0.46.