PerkinElmer layoffs are soon to come - mostly OneSource field service engineers.
My guess is out of the UK office.
A lot of effort was put in to keeping Hamburg up. Don't think that one is going anywhere.
Across the lake is the obvious choice.
More redundancies to be made in the European region. Could they be closing one of the offices?
earnings call today. analysts seemed really agitated over margins. not a surprise, but what does that mean ? further cuts ? then we'll really have nothing. company looks like it is for sale.
nobody is going to buy it. Any due diligence will show that the recent acquisitions (Caliper + CambridgeSoft > $800M!!) have lost value. Stock is up because of 'merger mania' in the field, but LIFE, GE, etc. wouldn't touch this. They'd start thinking about the integration and see the mess. The management is bad, bad, and they've killed what's underneath. Has to be to a lower-value company, and I can't imagine who that is... ( BD? )
Submitted by Anonymous on Fri, 31/05/2013 - 07:07.
PKI Downgraded to Underperform
By Zacks Equity Research | Zacks – Mon, May 20, 2013 1:40 PM EDT
Symbol Price Change
CPTS 30.98 -0.01
BDX 100.82 +0.01
PKI 31.76 +0.01
HTWR 92.85 -0.67
On May 16, 2013, we downgraded our recommendation on PerkinElmer Inc. (PKI) to Underperform based on its first quarter earnings results and reduced guidance.
On Apr 25, PerkinElmer announced its results for the reported quarter. The company reported first-quarter adjusted (excluding one-time expenses) earnings per share of 36 cents, missing the Zacks Consensus Estimate of 48 cents and lower than the year-ago earnings per share of 43 cents.
Revenues stood at $505.4 million in the reported quarter, down 1.1% year over year, missing the Zacks Consensus Estimate of $534 million.
PerkinElmer cut guidance for 2013. The company currently forecasts adjusted earnings per share for 2013 in the range of $2.00 to $2.10 (earlier $2.24 to $2.32). Reported earnings per share from continuing operations are forecast in the range of $1.30 to $1.40 (earlier $1.57 to $1.65). Organic revenue is expected to increase in the low-single digit (earlier mid-single digit) range.
While PerkinElmer has made several acquisitions, the strategy has inherent risks and it remains a collection of diverse businesses. Further, restructuring charges are expected to grow in 2013. Also, the overall portfolio strategy remains unclear.
reply flag this
The whole thing needs to be sacked. Just awful.
K.H left for personal reasons....hahaha...typical corporate bullshit
It was about time they kick him out, the damage's done is extensive
with a lot of PE sites now closed and lots of layoffs.
R.F. should also get the boot for letting this walking disaster enter the
company. RF been with PKI for years so he probably has the BoD
in his pocket and they won't fire him. Was the shareholder meeting
held not so long ago?
KH resigned. Posted on Yahoo finance on Friday.
$20k / month 'consulting' gift on the way out the door. Nice little good bye kiss, eh?
Hard to make sense of it. On the one hand it's a one-quarter miss. On the other hand, it's a miss by a big number. Maybe the rumors are true.
PerkinElmer Announces Financial Results for the First Quarter of 2013
PerkinElmer Announces Financial Results for the First Quarter of 2013
* Revenue decline of 1%; Organic revenue declined 1%
* GAAP earnings per share from continuing operations of $0.28; Adjusted
earnings per share of $0.36
* Reduces GAAP earnings per share guidance to $1.30 to $1.40; Adjusted
earnings per share guidance to $2.00 to $2.10
WALTHAM, Mass. -- April 25, 2013
PerkinElmer, Inc. (NYSE: PKI), a global leader focused on improving the health
and safety of people and the environment, today reported financial results for
the first quarter ended March 31, 2013.
Now I'm spooked. With the awful earnings report, I'm sure more layoffs are in the cards. What would they cut ?? I've been sooooo wrong in the past. Not predicting layoffs, but 'where'.
not just RF, but top two layers of management. Bunch of politicos. Which makes me think -- how to do that ? sell the company. They just need a buyer.
The BOD need to grow some balls and boot RF! He selected this group, looks good if it works, get promoted if it doesn't? How, exactly, does Wall Street buy this? Bad decisions are rewarded? I want some of this.
Looks like the magic touch of the Caliper guru did not work too well on PE......results for Q1 2013 are atrocious!
The stock was down 14% in afterday trading on thursday.
I feel sorry for all the good employees who worked hard to build this company.
RF needs to show some balls....time to kick the sh%$t out of the Caliper clown and his minions
and put some sense back into LST management.
who is left to talk to ? This is what depresses me. Illumina - no way, and they don't need it (plus their EV is, what, 2x PKI?) LIFE is gone, so not happening. Benchtop market is basically gone which leaves high-end research. Sure, sell a few caliper machines to go along with PacBio, but that's a VERY small market. Chemistry is dead in pharma which is what's taking the software business down with it (plus losing out to huge competition). OneSource is low margin and under significant threat. We've talked about imaging.
I suppose it isn't all doom and gloom, but it looks depressing from all angles. Ugh. I depressed myself further.
I don't think it's ALL doom and gloom for PerkinElmer but they do have their work cut out for them. It will take a lot of backroom collaborations with nextgen sequence tech to keep PE relevant. Bruker acquisition is putting the hurt on imaging division as well.
Perkins better kiss their dumb ass goodbye.
Thermo has been taking alot of their one source business opportunities away, and now with Thermo's acquisition of Life Tech., they will be King of Life Sciences and analytical instruments both.
Gee, what is Thermo doing right, that Perkins has done wrong?
Thermo + LIFE = who cares about anyone else !! And right here in MA... I wonder if PerkinELmer will sell them ChemDraw so I can just go along ?
Thermo is where it's at for this market, esp now they are buying life. They were already ahead and just leaped a giant step forward. They should have real $$ to spend on talent and research, and hopefully will foster and environment of scientific innovation. I think PerkinElmer will stay in the low-end. Okay to make a living, but not a difference.
I feel terrible for anyone still working in PerkinElmer Life Science/BioD/whatever they call it now. Incompetent upper management with litttle-to-no experience has destroyed the company, which at one point had great people and great products. Now the great people are running for the doors and the great products can't be sold or supported as resources are slashed and employees are removed from the field.
My sympathy goes out to all PerkinElmer customers, employees, and their families. As for upper management, once RF shows them the door, they're going to have a tough time getting other jobs. Perhaps they can co-author a new book: "How to run a thriving business into the ground in less than 90 days".
" Inormatics has it made! "
This is a raging joke... the products are dead to dying and customers are defecting. What used to be R&D is a disaster zone. It's a depressing place made more depressing by the latest moves. Maybe "made it" compared to Caliper.
"All the competent Caliper guys jumped ship when they saw the iceberg coming. Any capable PE staffers should have gotten out ages ago before becoming drowned in email cc waves and the daily teleconference culture masquerading as real work. PE reputation for lack of support, totally disorganised service structure and being run by accountants / MBA s not scientists means anyone who sticks around knows what's coming. Instrument side is toast - or just stale bread."
Very well said. When technology companies are run by accountants/MBAs, this is the outcome. The situation is similar in other companies, too.
All the competent Caliper guys jumped ship when they saw the iceberg coming. Any capable PE staffers should have gotten out ages ago before becoming drowned in email cc waves and the daily teleconference culture masquerading as real work. PE reputation for lack of support, totally disorganised service structure and being run by accountants / MBA s not scientists means anyone who sticks around knows what's coming. Instrument side is toast - or just stale bread
Are you kidding me? Inormatics has it made! Awesome products and a director who actually gets it. You should See how things are on the instrument side.
"The slide continues in PerkinElmer LST. Delusional KH continues to rant about the evils of sugar while the company dissolves and business literally disappears."
Totally true. Caliper cronies have no idea what they're doing. Glad I got out when I did.
Forget bitter. I am in informatics and the ones let go first probably had it best. I don't see the path to success, and these seems like a broad problem for us at PKI. Invention takes a long time, and we are now so far behind our competitors that a simple change of leadership won't make much of a difference.
You sound bitter, and I don't blame you for being mad but I don't think what you're saying makes sense. The company is going through metamorphosis and its not going to happen in the time spun to customers or employees. Whether or not its a good thing or a big waste of money.....to be seen. No movement in the company for those looking to get promoted or grow. I've been told hiring in limited amounts will begin again in June.
It is happening
Yeah, we'll it happened to me, too, but maybe we can move forward and get over it No amount of pissing and moaning will turn the clock back, so look forward instead. The reality is that we have a head start on many others who will all suffer the same fate. Not good for them, but put it down. We only hurt ourselves with self pity, and we can't do a damn thing about it. I elect to put it in the past, we can laugh as they self destruct, as we did not do this. It's the management, not the staff who did this. Karma is a wonderful thing.
Last comment really sums it well, I was let go 3 months ago and what is said here is 100% accurate. Now the big question is how long KH and the Caliper bozos will survive until RF (or the board) realizes the utter mess LST has become. Someone will have to pay for this sheer incompetence, there are a great number of good PE folks who were canned due to this Caliper takeover and seeing KH gets his ass kicked would be at least be a small consolation.
Yes, I agree, very spot-on indeed.
G Summe knew business, he knew the markets, he encouraged vision, innovation and good business. The two current idiots do not equal one G Summe.l
Incredibly spot on! Very well written.
The slide continues in PerkinElmer LST. Delusional KH continues to rant about the evils of sugar while the company dissolves and business literally disappears. Apparently, they are literally duplicating sales efforts by slashing field presence and forcing tenured reps (mostly older) into a "home office" to work "inside sales" (i.e babysitting field reps and badgering their customers). Employee and customer satisfaction is at an all time low and just about everyone is looking for other opportunities.
It's frightening how little KH, MR, and all of their cronies know about the drug discovery and basic research markets. That's what happens when you promote your friends and demote/fire the true experts. Until they wake up and admit that they know nothing (or RF admits his mistakes and fires the Caliper management), this company will continue to fail miserably. Guess what? it's easy to sit in an office and sell a product with no competition while leads come in (Caliper). Unfortunately, when you join a big-boy company with real competitors (PerkinElmer), the game changes. Arrogance has destroyed rational thinking in LST, glad I don't work there anymore.
While I am looking for a new job (as 90% of my software development colleagues also seem to be), I certainly don't deserve to have my ass canned. I show up, put in my 8 hrs., and am paid accordingly. Now I'll be commuting to Waltham instead of Cambridge, so that adds to the suck.
PE? What a joke. A real SHIT POT of a once great company.
If you're still there, you deserve to have your ass canned
My issue isn't the pay or benefits. Such is life. It's that I have no pride in what we do from a product standpoint. The company has a hollow core. Ask why don't I leave? Good question. As soon as I land something else I'm out (apparantly PKI isn't exactly the resume gold star that Friel & co would have us all believe).
Paring down of benefits and perks is industry-wide. Sign of complacent times notsomuch PerkinElmer. That said, there's no real reason to WANT to work at PerkinElmer. At this point it's any port in a storm, no?
PerkinElmer used to be worker friendly. They were never great in the pay range, but the perks and benefits made it OK. Well, perks are gone. Formal benefits have been pared down to the bare minimum. I would not recommend anyone work there.
while your general post makes sense, our colleagues at our competitors like thermo and waters have it much better. Not to mention it's a lot about how you're treated. I don't just speak for myself, but my colleagues share the issue.
Many people's careers have been ruined due to site closures and layoffs in the pharma, life-sciences, and diagnostic industries. PerkinElmer has closed many sites and many hard working people have been displaced. Unfortunately, this is the same situation with many of the life-sciences, pharma, and biotech companies as the economic growth has stalled. Our politicians in DC have not done anything about keeping or growing the high paying jobs here and many people are suffering, especially scientists and engineers in the 40-50 age group.
yes. Let's all be patient while they ruin our careers. I'm in the informatics group and, like many colleagues, I'm out as soon as I get a decent job offer (I'll even take less money, which is amazing given how I'm paid!!). They've done nothing to earn trust..
C'mon folks, give them a chance to put their plans into play. I was one of those cut on the 25th, it sucks, but you deal with it. The role of Management is to "maximize shareholder weath", not necessarily on the 90-day Wall Street credo. Give them a chance, stop with the whining, and move on. They do know what they are doing, even if it has some negatives to some. Just be patient, please.
Friel was the CFO for a number of years, then Golden boy Summe left to Goldman-Sachs to do more good to the world...
How can a technology company run by an accountant do well?
I am surprised the infomatics department is still there. If no new products are developed, why keep it? C'mon Rob and Kevin, you CAN go leaner!
Is Kevin any good? The software department (informatics) is now organized under him under our GM. Hopeful this will be a good change, no? (how coudl it be worse)
It seems you struck a chord with blind, whining and spineless PE followers. If they had any value outside their little cronie culture, they would have left already like their one superstar in SD. It isn't a coincidence that their facility was in the aptly named Downer's Grove area.
$600M to have some jackasses reduce your sales, eliminate products and R&D.
Kudos to you Rob Friel! Great move!
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