Thermo Fisher Scientific 3Q Profit, Sales Rise
October 21 2020 - 06:51AM
Dow Jones News
By Dave Sebastian
Thermo Fisher Scientific Inc.'s profit and sales rose for the
September quarter, beating Wall Street estimates as it said it
returned its base business to growth during the Covid-19
pandemic.
The scientific-equipment and diagnostics company on Wednesday
posted third-quarter net income of $1.93 billion, or $4.84 a share,
compared with $760 million, or $1.88 a share, for the year-earlier
period.
Adjusted earnings were $5.63 a share, topping the $4.33 a share
analysts polled by FactSet had expected.
Sales at the Waltham, Mass., company rose 35.9% to $8.52
billion, the company said. Analysts had been looking for $7.65
billion. On an organic basis, revenue grew 34%.
The company said it generated roughly $2 billion in
Covid-19-related revenue.
Life-sciences revenue grew to $3.42 billion from $1.7 billion in
the prior year, Thermo Fisher said. Analytics-instruments revenue
was slightly down at $1.34 billion from $1.36 billion, while
specialty-diagnostics revenue rose to $1.43 billion from $880
million.
Laboratory products and services revenue rose to $3.11 billion
from $2.62 billion.
During the quarter, the company introduced two Covid-19 antibody
tests in the U.S. and Europe, among other pandemic-related
offerings.
"We're adding new capabilities, including scaling up production
of sample collection products and essential laboratory supplies as
well as increasing our pharma services capacity to support new
therapies and vaccines," said Marc Casper, chairman, president and
chief executive.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
October 21, 2020 06:36 ET (10:36 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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