Thermo Fisher Scientific Earnings Cheat Sheet: Solid First Quarter Performance

Although profit increased, S&P 500 (NYSE:SPY) component Thermo Fisher Scientific Inc.’s (NYSE:TMO) net income rose in the first quarter. Thermo Fisher Scientific Inc. develops, manufactures and sells a range of products.

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Thermo Fisher Scientific Earnings Cheat Sheet for the First Quarter

Results: Net income for the medical instruments and supplies company rose to $252.2 million (64 cents/share) vs. $232.3 million (56 cents/share) in the same quarter a year earlier. A rise of 8.6% from the year earlier quarter.

Revenue: Rose to $2.72 billion YoY.

Actual vs. Wall St. Expectations: For TMO, the mean analyst estimate with adjustments was 88 cents/share. Estimates ranged from 86 cents per share to 90 cents per share.

Quoting Management: “We are off to a good start to the year, with solid first quarter performance,” said Marc N. Casper, president and chief executive officer of Thermo Fisher Scientific. “We achieved record EPS and delivered 30 basis points of adjusted operating margin expansion on top of our exceptional first quarter results a year ago. This puts us in an excellent position to meet our growth goals for 2011.”

Key Stats: Last quarter marked the fifth consecutive quarter of gross margins expanding as the company’s gross margin expanded 1.4 percentage points to 42.4% from the year earlier quarter. Over that span, margins have grown on average 1.4 percentage points per quarter on a year-over-year basis.

The company has now seen net income rise in three-straight quarters. In the fourth quarter of the last fiscal year, net income rose 8.9% and in the third quarter of the last fiscal year, the figure rose 21.4%.

From the fourth quarter of the last fiscal year, the company’s current liabilities rose to $4.15 billion from $1.71 billion.

Over the last five quarters, revenue has increased 6.2% on average year over year. The biggest increase came in the first quarter of the last fiscal year, when revenue rose 18.6% from the year earlier quarter.

Competitors to Watch: PerkinElmer, Inc. (NYSE:PKI), Becton, Dickinson and Co. (NYSE:BDX), Bruker Corporation (NASDAQ:BRKR), Beckman Coulter, Inc. (NYSE:BEC), Harvard Bioscience, Inc. (NASDAQ:HBIO), Bio-Rad Laboratories, Inc. (NYSE:BIO), CareFusion Corporation (NYSE:CFN), Waters Corporation (NYSE:WAT), Teleflex Incorporated (NYSE:TFX), Covidien (NYSE:COV) and Quidel Corporation (NASDAQ:QDEL).

Today’s Performance: Shares of TMO are up over 2% in today’s trading.

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