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Thermo Fisher tops profit estimates; raises full-year forecast

(Reuters) - Thermo Fisher Scientific Inc (TMO.N), the world’s largest maker of scientific instruments, on Wednesday reported a higher-than-expected quarterly profit, fueled by sales growth in all of its units and contributions from recent acquisitions.

The company also raised its full-year forecast to reflect its purchase of Patheon, a Dutch contract manufacturer of drugs for clinical trials, and a weaker dollar.

It paid about $5.2 billion for Pantheon and assumed another $2 billion in debt. The Dutch firm, which had $1.9 billion in revenue last year, was folded into Thermo Fisher’s laboratory products and services unit.

Thermo Fisher now expects adjusted earnings of $9.29 to $9.38 per share for 2017, up from $9.15 to $9.28 per share estimated previously. Revenue is expected to rise in the range of $20.50 billion to $20.66 billion, compared with its previous forecast of $19.71 billion to $19.89 billion.

The company said net profit rose to $533.9 million, or $1.34 per share, for the third quarter ended Sept. 30 from $473.5 million, or $1.19 per share, a year ago.

Excluding special items, Thermo Fisher said it earned $2.31 per share. Analysts on average expected $2.25 per share, according to Thomson Reuters I/B/E/S.

Revenue for the quarter rose 14 percent to $5.1 billion, about in line with Wall Street estimates of $5.02 billion.

Sales of the analytical instruments unit jumped 32 percent to $1.19 billion, reflecting the acquisition of FEI Co a year earlier.

Life Science solutions sales rose 5 percent to $1.38 billion, while specialty diagnostics revenue increased 6 percent to $844 million.

Sales in laboratory products and services unit rose 15 percent to $1.93 billion and included Patheon’s sales for September.


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