Thermo Fisher Scientific Shares Up After 4Q, 2020 Forecasts
December 02 2020 - 1:27PM
Dow Jones News
By Michael Dabaie
Thermo Fisher Scientific Inc. shares were up 1.6% to $478.60 in
afternoon trading.
The provider of analytical equipment for research, analysis, and
diagnostics said in a Securities and Exchange Commission filing
Tuesday it expects fourth-quarter organic revenue growth of 40%.
This is up from the original forecast for fourth-quarter organic
revenue growth of 29% from October 21.
Thermo Fisher said this is driven by increased levels of organic
growth in both the base business and Covid-19 response revenue.
The company also said it expects 2020 adjusted earnings per
share of $19.17, representing 55% adjusted EPS growth over 2019.
The company said in October it expects year-over-year adjusted EPS
growth of 48%.
Citi said in a note that the beat was broadly expected from
investors, and that it sees further upside to the new guidance.
"We believe Thermo's ability to be a key supplier of Covid
solutions and proven consistency in the face of macro uncertainty
continues to position the stock well," Stifel said in a note.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
December 02, 2020 13:12 ET (18:12 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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