Thermo Fisher Scientific 2Q profit up 15 percent
Scientific instrument maker Thermo Fisher Scientific Inc. said today its profit rose 15 percent in the second quarter as sales increased in both its lab services and analytics businesses.
Waltham-based Thermo Fisher reported a profit of $237.3 million, or 57 cents per share, compared to $206.9 million, or 49 cents per share, a year ago. Excluding amortization costs and other one-time items, the company said it earned 84 cents per share. Revenue grew 7 percent to $2.65 billion from $2.48 billion for the quarter ended July 3.
Thermo Fisher said revenue from its laboratory products and services revenue grew 5 percent to $1.68 billion, and analytical technologies revenue rose 10 percent to $1.11 billion. Some sales are counted to both businesses, leading to an overlap of $132.9 million.
Analysts were expecting a profit of 84 cents per share and $2.66 billion in revenue, according to Thomson Reuters.
"We developed new screening methods that employ our leading technologies to help laboratories rapidly analyze seafood from the Gulf of Mexico for oil contamination," President and CEO Marc N. Casper said in a statement. "In addition, we recently acquired a global provider of molecular and cellular biology products, Fermentas, to expand our offerings for customers performing genomics research and PCR-based testing."
The company maintained its annual profit forecast of $3.40 to $3.50 per share. However it trimmed its revenue estimate because of the stronger U.S. dollar. Thermo Fisher now expects revenue of $10.6 billion to $10.75 billion, down from an earlier forecast of $10.65 billion to $10.8 billion.
Analysts expect a profit of $3.47 per share and $10.77 billion in revenue on average.