Thermo Fisher Scientific 4Q Revenue Climbs, Earnings Slip
February 01 2023 - 07:04AM
Dow Jones News
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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