By Dean Seal

Thermo Fisher Scientific Inc. reported an acquisitions-driven 7% jump in revenue in the fourth quarter, while earnings fell slightly as costs rose.

The scientific-equipment company posted a profit of $1.58 billion, or $4.01 a share, compared with $1.66 billion, or $4.17 a share, in the same quarter a year ago.

Stripping out one-time items, adjusted earnings were $5.40. Analysts polled by FactSet had been expecting $5.19 a share.

Revenue rose to $11.45 billion from $10.7 billion last year. Analysts had been expecting $10.43 billion, according to FactSet.

The Waltham, Mass.-based company said acquisitions contributed 14% growth to its top line, offsetting foreign currency fluctuations and a 3% drop in organic revenue. Covid-19 testing revenue fell 16% to $370 million during the quarter.

Cost of revenues climbed to $6.72 billion from $5.3 billion in the year-ago period.

Thermo Fisher's shares rose 2.4% to $583.75 in premarket trading.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

February 01, 2023 06:49 ET (11:49 GMT)

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