Thermo Fisher 3Q profit climbs 9 percent
WALTHAM, Mass. -- Thermo Fisher Scientific Inc.'s third-quarter earnings climbed 9 percent, helped by revenue growth in key segments, and the scientific instrument and laboratory supply maker raised its forecast for 2012.
The Waltham, Mass., company said Wednesday it earned $290.4 million, or 79 cents per share, in the three months that ended Sept. 29. That compares to $265.4 million, or 69 cents per share, in last year's quarter. Adjusted earnings, which exclude some one-time items, came in at $1.19 per share.
Revenue grew 5 percent to $3.09 billion.
The performance topped Wall Street expectations. Analysts expected, on average, earnings of $1.16 per share on $2.99 billion in revenue, according to FactSet.
Company shares climbed 3.4 percent, or $1.97, to $59.58 in midmorning trading.
Thermo Fisher said revenue from its laboratory products and services segment climbed 5 percent to $1.51 billion, while specialty diagnostics segment revenue rose 15 percent to $706.7 million in the quarter.
The company's costs and operating expenses also climbed nearly 5 percent in the quarter to $2.73 billion.
Thermo Fisher now expects adjusted 2012 earnings of $4.81 to $4.88 per share, up from its forecast in July for $4.74 to $4.84 per share. It also raised its revenue expectation to between $12.32 billion and $12.4 billion from $12.14 billion to $12.26 billion.
Analysts expect, on average, earnings of $4.82 per share on $12.27 billion in sales.