By Maria Armental And Chelsey Dulaney
Thermo Fisher Scientific Inc. on Wednesday lifted its full-year
earnings and revenue guidance as profit nearly doubled in its
second quarter on lower costs and acquisition-related charges.
The Massachusetts biotechnology company said it now expects to
post revenue of $16.72 to $16.86 billion, up from its previous
guidance of $16.67 to $16.83 billion. Thermo Fisher is now
forecasting per-share earnings of $7.28 to $7.41, up from its
previous guidance for $7.25 to $7.40 in earnings.
Thermo Fisher said the higher guidance reflects current foreign
exchange rates and strong operating performance.
Formed by the 2006 merger of Thermo Electron and Fisher
Scientific International, Thermo Fisher provides pharmaceutical and
biotechnology companies, hospitals, research centers and
laboratories with medical equipment and tools to help diagnose
diseases and run clinical trials.
For the period ended June 27, Thermo Fisher reported a profit of
$511.6 million, or $1.27 a share, up from $278.5 million, or 69
cents a share, a year earlier.
Profit was helped by a 7.5% decrease in costs and operating
expenses compared with the prior-year period, which was weighed by
charges related to its acquisition of Life Technologies.
Excluding acquisition-related charges and other items, profit
rose to $1.84 a share from $1.72 a year earlier.
Revenue edged down 1.2% to $4.27 billion, with currency
translation bringing down revenue by 6%.
Analysts polled by Thomson Reuters had forecast $1.78 a share in
earnings on $4.17 billion in sales.
Thermo Fisher said revenue grew 6% on an organic basis.
Revenue from the laboratory-products and services unit, which
accounts for more than a third of sales, edged down slightly to
$1.69 billion from $1.7 billion in the prior-year period.
Its analytical instruments and specialty diagnostics segments
reported 2% and 4.4% revenue drops, respectively.
Life sciences solutions, which has been boosted by Thermo
Fisher's 2014 acquisition of Life Technologies, reported a 2.4%
sales increase to $1.13 billion.
Last month, Thermo Fisher agreed to acquire Johnson Matthey
PLC's Alfa Aesar for GBP256 million in cash. That deal, expected to
close this year, will grow its laboratory chemicals, solvents and
reagents offerings.
Write to Maria Armental at maria.armental@wsj.com and Chelsey
Dulaney at Chelsey.Dulaney@wsj.com
Access Investor Kit for Thermo Fisher Scientific, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US8835561023
Subscribe to WSJ: http://online.wsj.com?mod=djnwires