Thermo Fisher announces record first quarter revenue

Written By Unknown on Kamis, 25 April 2013 | 00.33

Waltham-based health-care equipment company Thermo Fisher Scientific Inc. said today its first quarter revenue rose 4 percent to a first quarter record of $3.19 billion.

Company shares rose nearly 1.8 percent this morning to a high of $82.09.

Thermo officials said the company's adjusted operating income for the first quarter of 2013 rose 7 percent compared to the same period a year ago, while its adjusted earnings per share spiked 17 percent to a record $1.37.

"We're pleased with our solid first quarter results, with good performance on the top line," said Marc N. Casper, company president and chief executive officer, in a statement. "Although the macro environment played out at the lower end of our expectations, our teams executed well to continue our growth momentum into 2013."

Casper added that Thermo is updating its 2013 guidance based on the company's "solid" first quarter performance, and its decision to suspend share buybacks in light of its pending $13.6 billion acquisition of Life Technologies, which was announced last week.

The company is updating its revenue guidance range from $12.8 billion to $13 billion to a new range of $12.84 billion to $13 billion, resulting in 3 percent to 4 percent growth year-over-year. Thermo Fisher is also updating full-year 2013 adjusted EPS guidance from $5.32 to $5.46 to a new range of $5.27 to $5.39, which would lead to 7 percent to 9 percent growth over last year.

The 2013 guidance does not include the acquisition of Life Technologies or the impact of related financing activities, officials said.

Thermo Fisher's acquisition of Life Technologies, which is based in Carlsbad, Calif., is expected to close early next year. The sale marks Thermo Fisher's largest acquisition since the $12.8 billion merger in 2006 of Thermo Electron and Fisher Scientific International.


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