Thermo Fisher Scientific Lifts Outlook
October 27 2016 - 11:15AM
Dow Jones News
By Imani Moise
Thermo Fisher Scientific Inc. reported a jump in sales for its
third quarter and boosted its outlook to reflect recent
acquisitions.
The lab-equipment company now expects adjusted earnings for the
2016 fiscal year to be between $8.19 to $8.30 on $18.25 billion to
$18.39 billion in revenue, versus its previous guidance of $8.07 to
$8.20 of earnings on $17.84 billion to $18 billion of revenue.
During the quarter, Thermo Fisher completed its acquisition of
microscope-technology maker FEI Co. for $4.2 billion earlier than
expected. Earlier this year the company also acquired generics firm
Affymetrix Inc. for $1.3 billion. Thermo Fisher said in May that
these deals are part of $12 billion the company intends to spend on
acquisitions through 2019.
Thermo Fisher Scientific reported a profit of $473.5 million, or
$1.19 a share, down from $476.1 million, or $1.18 a share, a year
earlier. On an adjusted basis, the company reported earnings of
$2.03 per share.
Revenue dropped 9% to $4.49 billion.
Analysts polled by Thomson Reuters had forecast earnings of
$1.97 a share on $4.39 billion in revenue.
Shares rose 3.2% to 152.76 in early trading Thursday. The stock
has risen 7.6% so far this year.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
October 27, 2016 11:00 ET (15:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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