Thermo Fisher 1Q results top Street, ups outlook
WALTHAM, Mass.—Thermo Fisher Scientific Inc. said Wednesday that its first-quarter net income rose 10 percent on growing demand for its analytical instruments, and the company lifted its guidance for the year.
The scientific instrument and laboratory supply maker said it earned $277.3 million, or 75 cents per share, for the three months ended March 31. That compares with $252.2 million, or 64 cents per share, a year ago.
Removing restructuring costs, charges related to an acquisition and other items, earnings were $1.17 per share.
The performance topped the $1.11 per share that analysts surveyed by Fact Set expected.
Revenue climbed 14 percent to $3.1 billion from $2.72 billion, beating Wall Street's estimate of $2.98 billion.
Revenue for the analytical technologies unit rose 21 percent to $1.01 billion, while special diagnostics division revenue climbed 27 percent to $729 million. Revenue for the laboratory products and services segment increased 4 percent to $1.51 billion.
Thermo Fisher now expects higher profit, excluding one-time items, and revenue because of changes in currency values. Translating revenue earned in foreign currencies back into the dollar can give a company's results a boost if the dollar has weakened against those currencies.
The Waltham, Mass., company now expects earnings of $4.71 to $4.83 per share on revenue of $12.27 billion to $12.43 billion. Its prior outlook called for adjusted earnings of $4.67 to $4.82 per share on revenue of $12.15 billion to $12.35 billion.
Analysts forecast 2012 earnings of $4.76 per share on revenue of $12.31 billion.