Thermo Fisher Earnings Down, Revenues Up
Analystical instrument provider Thermo Fisher (NYSE: TMO) reported a drop in income by 2.9% to $288.9 million, giving shareholders a profit of 77 cents per share. Last year, the company earned $297.5 million, or an EPS of 76 cents. The company's revenue, however, rose to $3.13 billion compared to $2.71 billion the previous year.
Despite the drop, the results were above analyst expectations. Adjusted gross margins of 44.3% were higher than analyst expectations of 41.1%, thanks mostly to cost-control strategies that the company has implemented.
The company's EBITDA, at $654 million grew from the same time last year by 21.9% on operating income of $593 million, which also grew by 21.7%.
In line with better-than-expected revenue results, the company has also adjusted its revenue guidance upwards to $12.35 billion.
President and CEO Marc Casper said that Thermo Fisher was looking to emerging markets to drive future growth, but did not comment on the future of American or European markets. "Our commitment to innovation drove significant product launches this year across all three business segments, and our expansion in high-growth emerging markets led to strong double-digit performance in China, India and Brazil," he said.
