Thermo Fisher Posts Upbeat Q1 Earnings, Lowers Revenue Outlook

reported better-than-expected earnings for the first quarter, but cut its revenue forecast for the full-year 2015. Thermo Fisher now projects full-year revenue of $16.67 billion to $16.83 billion, versus its earlier forecast of $16.8 billion to $17 billion. However, the company lifted the low end of its adjusted earnings forecast by $0.03 per share to $7.25 to $7.40 per share. The Waltham, Massachusetts-based company reported a quarterly net profit of $385 million, or $0.96 per share, versus a year-ago profit of $543 million, or $1.36 per share. Excluding one-time items, Thermo Fisher's earnings gained 7 percent to $1.63 per share. Its revenue rose to $3.92 billion from $3.9 billion. However, analysts were expecting a profit of $1.61 per share on revenue of $4.00 billion. Life Sciences Solutions segment revenue rose to $1.02 billion in the latest quarter, from $836 million in the year-ago quarter. Analytical Instruments segment revenue slipped to $727 million from $770 million, while Specialty Diagnostics segment revenue fell to $785 million from $814 million. Laboratory Products and Services segment revenue declined to $1.51 billion in the first quarter, from $1.59 billion. Its adjusted operating margin widened by 60 basis points to 21.9 percent. The average estimate among 8 Estimize users was for earnings of $1.63 per share and revenue of $4.02 billion. "We're pleased to have delivered solid adjusted EPS growth in the quarter, which demonstrates how well our team navigated the challenging foreign exchange environment," said Marc N. Casper, president and chief executive officer of Thermo Fisher Scientific. "We also had a number of key accomplishments during the quarter that strengthen our industry leadership and position us to achieve our growth goals for the year." Thermo Fisher shares fell 2 percent to $131.75 in pre-market trading.