Key Takeaways
- Thermo Fisher posted a second-quarter earnings beat Wednesday as year-over-year profits jumped despite nearly flat revenue.
- The company also lifted its full-year guidance for revenue and adjusted earnings per share (EPS).
- Despite the earnings beat, Thermo Fisher shares slipped in premarket trading.
Thermo Fisher Scientific (TMO) reported better second-quarter earnings than analysts had expected Wednesday, and also raised its projections for the full fiscal year.
The medical device manufacturer reported a 14% year-over-year jump in net income to $1.55 billion, better than the $1.41 billion analysts had expected, according to estimates compiled by Visible Alpha.
The net income increase came despite revenue slipping 1% to $10.54 billion. Still, the result narrowly beat the $10.52 billion analysts had projected.
Thermo Fisher Lifts FY Guidance
After issuing warnings about a potentially lower sales outlook at the start of the year, Thermo Fisher’s solid Q2 results led the company to adjust its internal projections for the full fiscal year.
Thermo Fisher now projects revenue within a range of $42.4 billion to $43.3 billion, a higher floor than the previous range of $42.3 to $43.3 billion. The company also raised its adjusted earnings per share (EPS) projections to land within $21.29 to $22.07 per share, compared to previous guidance of $21.14 to $22.02 per share.
Analysts currently project full-year revenue around $42.95 billion, with an adjusted EPS of $21.70, both within Thermo Fisher’s updated ranges.
Despite Wednesday’s earnings beat, Thermo Fisher shares were 1.7% lower at $543.00 an hour before the opening bell.