WASHINGTON (dpa-AFX) - Laboratory equipment maker Thermo Fisher Scientific Inc (TMO), Wednesday reported a better-than-expected increase in first-quarter profit, helped by the acquisition of Life Technologies as well as modest growth at other segments.
The company lifted its outlook for 2014, to reflect the timing of the Life Technologies acquisition and related divestitures as well as favorable foreign exchange.
Waltham, Massachusetts-based Thermo Fisher posted quarterly net income of $543 million or $1.36 per share, compared with $336 million or $0.94 per share last year.
Excluding items, adjusted earnings for the quarter were $1.53 per share, compared with $1.37 per share a year ago. On average, 14 analysts polled by Thomson Reuters expected earnings of $1.40 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the first quarter climbed 22 percent to $3.9 billion from $3.2 billion in the prior year. Fourteen analysts expected revenues of $3.8 billion for the quarter.
Revenue at the new Life Sciences Solutions segment, which includes most of the Life Technologies businesses, surged to $836 million from $173 million in the prior-year quarter.
Analytical Instruments segment revenue grew 4 percent, Specialty Diagnostics revenue was up 1 percent and Laboratory Products segment grew 2 percent.
For fiscal year 2014, Thermo Fisher now projects adjusted earnings of $6.80 to $6.95 per share and revenues of $16.84 billion to $17.00 billion. The company had earlier expected earnings of $6.70 to $6.90 per share and revenues of $16.63 billion to $16.83 billion.
Analysts currently expect earnings of $6.85 per share on revenues of $16.82 billion for 2014.
Thermo Fisher stock is trading at $117.80, down $2.55 or 2.12%, on a volume of 2.5 million shares on the NYSE.
Copyright RTT News/dpa-AFX