S&P 500 (NYSE:SPY) component Thermo Fisher Scientific Inc. (NYSE:TMO) reported its results for the third quarter. Thermo Fisher Scientific develops, manufactures and sells products to assist the pharmaceutical, biotechnology, academic, government and other research and industrial markets.
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Thermo Fisher Scientific Inc. Earnings Cheat Sheet
Results: Net income for Thermo Fisher Scientific Inc. rose to $290.4 million (79 cents per share) vs. $265.4 million (69 cents per share) in the same quarter a year earlier. This marks a rise of 9.4% from the year-earlier quarter.
Revenue: Rose 3.8% to $3.09 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Thermo Fisher Scientific Inc. reported adjusted net income of $1.19 per share. By that measure, the company beat the mean estimate of $1.16 per share. Analysts were expecting revenue of $3.06 billion.
Quoting Management: “We delivered another quarter of excellent revenue and earnings growth thanks to solid execution by our teams and strong results from our growth initiatives,” said Marc N. Casper, president and chief executive officer of Thermo Fisher Scientific. “Our innovative products, presence in emerging markets and commercial capabilities uniquely position us to help our customers meet their goals in the current economic environment.”
The company has now topped analyst estimates for the last four quarters. It beat the mark by 6 cents in the second quarter, by 6 cents in the first quarter, and by 3 cents in the fourth quarter of the last fiscal year.
Revenue has risen for the last four quarters. Revenue increased 7.3% to $3.11 billion in the second quarter. The figure rose 13.9% in the first quarter from the year earlier and climbed 12.7% in the fourth quarter of the last fiscal year from the year-ago quarter.
Net income has dropped 8% year-over-year on average across the last five quarters. Performance was hurt by a 55.3% decline in the second quarter from the year-earlier quarter.
Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the fourth quarter has moved up from $1.26 a share to $1.27 over the last sixty days. At $4.81 per share, the average estimate for the fiscal year has risen from $4.80 sixty days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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