WASHINGTON (dpa-AFX) - Thermo Fisher Scientific Inc. (TMO) Wednesday said first-quarter net income declined to $385.1 million from $543.1 million in the previous year. Earnings per share fell to $0.96 from $1.36. The prior-year results reflected gains from divestitures that were completed in the period.
Adjusted earnings per share were $1.63, while it totaled $1.53 last year. On average, 19 analysts polled by Thomson Reuters expected earnings of $1.61 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue increased to $3.92 billion from $3.90 billion in 2014. Analysts expected revenues of $4 billion.
Further, Thermo Fisher updated its 2015 revenue and adjusted earnings per share guidance to reflect more unfavorable foreign currency exchange rates, as well as stronger operating performance and the acquisition of ASI.
Thermo Fisher raised the low end of its adjusted earnings per share guidance range by $0.03 to a new range of $7.25 to $7.40, which would result in 4 to 6 percent growth over 2014.
The company now expects revenue to be in the range of $16.67 billion to $16.83 billion compared to its previous guidance of $16.80 to $17.00 billion.
Wall Street looks for earnings of $7.32 per share on revenues of $16.87 billion.
The stock closed at $134.44 on Tuesday, and fell 2 percent in pre-market activity on Wednesday.
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