UPDATE: Thermo Fisher Q2 Profit Beats Expectations

Thermo Fisher Scientific

reported upbeat second-quarter results. The Waltham, Massachusetts-based company posted a quarterly profit of $278.5 million, or $0.69 per share, compared to $277.4 million, or $0.76 per share, in the year-ago period. Excluding one-time items, Thermo Fisher's adjusted profit rose to $1.72 per share versus $1.32 per share. Its revenue climbed to $4.32 billion versus $3.24 billion. However, analysts were expecting earnings of $1.62 per share on revenue of $4.25 billion. Thermo Fisher's revenue at life sciences solutions segment climbed to $1.10 billion versus $181 million in the year-earlier quarter. Its revenue at laboratory-products and services unit gained 7% to $1.70 billion, while revenue at the analytical instruments segment jumped 4% to $793 million. Revenue at its specialty diagnostics unit jumped 8% to $855 million. Thermo Fisher now projects full-year profit of $6.85 to $6.97 per share, versus its earlier forecast of $6.80 to $6.95 per share. It projects revenue of $16.86 billion to $16.98 billion, versus $16.84 billion to $17 billion. Marc N. Casper, president and chief executive officer of Thermo Fisher Scientific said, “We're pleased to deliver a great second quarter, with strong top-line performance contributing to outstanding growth on the bottom line.” Thermo Fisher shares gained 0.75% to close at $123.06 yesterday.