Thermo Fisher Scientific Q3 Earnings Top Expectations

reported better-than-expected earnings for the third quarter and lifted the low end of its earnings outlook for the full year. The Waltham, Massachusetts-based company posted quarterly net income of $476.1 million, or $1.18 per share, up from $471.6 million, or $1.17 per share, in the year-ago period. Excluding one-time items, the company's adjusted earnings rose 5 percent to $1.80 per share. Its revenue dropped slightly to $4.12 billion from $4.17 billion. However, analysts were expecting a profit of $1.79 per share on revenue of $4.10 billion. The average estimate among 10 Estimize users was for earnings of $1.81 per share and revenue of $4.12 billion. Life Sciences Solutions Segment revenue climbed to $1.08 billion from $1.07 billion, while Analytical Instruments Segment revenue dropped to $779 million from $786 million. Specialty Diagnostics Segment revenue slipped to $777 million in the latest quarter, versus $812 million in the year-ago quarter of 2014. Laboratory Products and Services Segment revenue jumped to $1.64 billion from $1.63 billion. Its adjusted operating margin widened to 22.6 percent in the latest quarter, versus 21.9 percent in the year-ago quarter. "We're pleased to deliver another quarter of solid financial performance," said Marc N. Casper, president and chief executive officer of Thermo Fisher Scientific. "We continued to leverage our scale in key geographic markets to drive growth, and reported another strong quarter in China. We also made further progress in capturing revenue synergies by demonstrating the strength of our customer value proposition. The company now projects 2015 earnings of $7.33 to $7.41 per share, versus analysts' estimates of $7.38 per share. It expects revenue of $16.81 billion to $16.91 billion, versus its previous forecast of $16.72 to $16.86 per share. Thermo Fisher Scientific shares fell 0.32 percent to close at $128.62 yesterday.