(PKI) PerkinElmer Presents Corporate Social Responsibility Report

A global leader in human and environmental health, PerkinElmer (PKI) recently released its Corporate Social Responsibility (“CSR”) Report for 2010. This report provides information on the company’s achievements against its worldwide sustainability target, established in 2009, for environmental health and safety, community activities and product leadership.

According to PerkinElmer, it has made solid progress, on account of its over 6,000 employees, to become a more socially responsible entity. In April 2011, the company launched its “For the Better Day” program with the purpose of donating time to voluntary service.

PerkinElmer’s CSR objectives concentrate on seamlessly intertwining social and environmental requisites into every aspect of business operation. To achieve these goals, PerkinElmer has recognized three strategic bulwarks each with their own set of targets.

With regard to the first pillar, Environment, Health and Safety (EHS), PerkinElmer desires to intensify its commitment to nature’s sustainability by cutting down on Scope 1 and Scope 2 worldwide greenhouse gas emissions by 10% by 2013, using 2009 as a baseline. In this regard, the company will take action such as replacing fossil fuel with cleaner natural gas furnaces at its Shelton facility.

PerkinElmer will also develop controls and processes to cut down power usage by 35% at its Downers Grove facility in Illinois. The company also proposes ISO 14001 and OHSAS 18001 certifications. Among other efforts it will provide financial planning, wellness modules and promote general awareness to improve staff well being.

In order to engage staff in community projects, PerkinElmer will undertake measures such as informing all its employees about CSR efforts, around the world, through both internal and external communication channels such as, videos, newsletters, etc.

To achieve product leadership, PerkinElmer will undertake steps such as embracing a more sustainable product methodology and creating fuel-efficient products. It will also set up a cross-business unit cell to initiate policy and process consideration for new products.

The CSR Report for 2010 is partly based on the Global Reporting Initiative G3 Guidelines and portrays a correct and up-to-date presentation of different aspects of the company’s performance.

PerkinElmer reported first-quarter fiscal 2011 adjusted (excluding one-time expenses) earnings per share of 34 cents, beating the Zacks Consensus Estimate of 30 cents. Revenues from continuing operations came in at $447.9 million, also sailing past the Zacks Consensus Estimate.

PerkinElmer continues to perform well across all of its product lines. It holds either number one or two positions in several select areas in analytical tools and diagnostics.

The company has an exposure to China in life science tools, which is another positive. Further, the company continues to build on its next-generation sequencing service through a series of acquisitions.

In the end, however, we believe the stock’s valuation fully incorporates its incremental growth opportunity. Furthermore, PerkinElmer’s overall portfolio strategy remains foggy. PerkinElmer competes with Thermo Fisher Scientific (TMO) among others. We currently have a Neutral rating on the stock.

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