Thermo Fisher Reports Larger Adjusted Profit on 1Q Revenue Growth
April 22 2020 - 5:52AM
Dow Jones News
By Matt Grossman
Thermo Fisher Scientific Inc. on Wednesday reported an adjusted
profit for the first quarter of 2020 that was higher than analysts
expected, as revenue expanded.
The Waltham, Mass.-based scientific-equipment and diagnostics
company reported net income of $788 million, or $1.97 a share,
compared with $815 million, or $2.02 a share, earned in the first
three months of 2019.
Thermo Fisher's adjusted earnings per share were $2.94, compared
with the $2.81 the company said it reported a year earlier. That
topped the expectations of analysts polled by FactSet, which were
for adjusted earnings of $2.80 a share.
Revenue was $6.23 billion, a rise of 1.7% over the $6.13 billion
Thermo Fisher reported in 2019's first quarter.
Wall Street was expecting revenue of $6.17 billion. Earlier this
month, Thermo Fisher guided for first-quarter revenue growth of 1%
to 2%.
Thermo Fisher's laboratory products and services division
remained its largest contributor to revenue, generating $2.73
billion in the quarter.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
April 22, 2020 06:37 ET (10:37 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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