Thermo Fisher Lifts FY19 Outlook, Q1 Results Top Estimates - Quick Facts

(RTTNews) - While reporting financial results for the first quarter, Thermo Fisher Scientific Inc. (TMO) on Wednesday raised its adjusted earnings and revenue guidance for the full year 2019 to reflect strong operational performance and the acquisition of Brammer Bio, partially offset by a more adverse foreign exchange environment.

The company now expects adjusted earnings in a range of $12.08 to $12.22 per share, up from the prior forecast range of $12.00 to $12.20 per share. It also raised revenue guidance to a new range of $25.17 billion to $25.47 billion from the previous guidance between $24.88 billion and $25.28 billion.

On average, analysts polled by Thomson Reuters expect earnings of $12.17 per share on revenues of $25.23 billion for the year. Analysts' estimates typically exclude special items.

Thermo Fisher also reported first-quarter net income of $815 million or $2.02 per share, higher than $579 million or $1.43 per share in the prior-year quarter. Adjusted earnings per share were $2.81, compared to $2.50 in the year-ago quarter.

Revenue for the quarter grew 5 percent to $6.13 billion from $5.85 billion in same quarter last year. Acquisitions increased revenue by 1 percent, while currency translation reduced revenue by 3 percent. Organic revenue growth was 7 percent.

Analysts expected earnings of $2.73 per share on revenues of $6.02 billion for the quarter.