PerkinElmer’s stock jumps into record territory after upbeat earnings outlook

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Shares of PerkinElmer Inc. rose 1.2% toward record territory in premarket trading Monday, after the life sciences diagnostics company provided an upbeat fourth-quarter earnings outlook, citing better-than-expected demand for its COVID-19-related offerings. The company expects adjusted earnings per share of $3.60, above the FactSet consensus of $2.81. Organic revenue growth for the quarter is expected to be 66% to 63%, while the FactSet revenue consensus of $1.18 billion implies 46% growth. The company said it will release full fourth-quarter results on Feb. 2, after the market closes. The stock, which is on track to open above the Jan. 7, 2021 record close of $160.53, has run up 23.2% over the past three months through Friday, while the S&P 500 has gained 10.0%.
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