Thermo Fisher Reports Larger Adjusted Profit on 1Q Revenue Growth

By Matt Grossman

Thermo Fisher Scientific Inc. on Wednesday reported an adjusted profit for the first quarter of 2020 that was higher than analysts expected, as revenue expanded.

The Waltham, Mass.-based scientific-equipment and diagnostics company reported net income of $788 million, or $1.97 a share, compared with $815 million, or $2.02 a share, earned in the first three months of 2019.

Thermo Fisher's adjusted earnings per share were $2.94, compared with the $2.81 the company said it reported a year earlier. That topped the expectations of analysts polled by FactSet, which were for adjusted earnings of $2.80 a share.

Revenue was $6.23 billion, a rise of 1.7% over the $6.13 billion Thermo Fisher reported in 2019's first quarter.

Wall Street was expecting revenue of $6.17 billion. Earlier this month, Thermo Fisher guided for first-quarter revenue growth of 1% to 2%.

Thermo Fisher's laboratory products and services division remained its largest contributor to revenue, generating $2.73 billion in the quarter.

Write to Matt Grossman at [e-mail]

(END) Dow Jones Newswires

April 22, 2020 06:37 ET (10:37 GMT)

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