- Thermo Fisher’s adjusted per-share earnings jump 91% in the third quarter.
- The lab equipment company posts a 36% year over year increase in revenue.
- Thermo Fisher says its net income came in at £1.48 billion in the third quarter.
Thermo Fisher Scientific Inc. (NYSE: TMO) published its earnings report for the fiscal third quarter on Wednesday that topped analysts’ estimates for earnings and revenue.
Thermo Fisher jumped about 2.3% in premarket trading on Wednesday. Including the price action, shares of the company are now trading at £358.61 per share as compared to £250 per share at the start of 2020. The COVID-19 disruptions in March had pushed the stock down to as low as £195.62 per share. Here’s what you need to know about how to choose winning stocks.
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Thermo Fisher’s Q3 financial results versus analysts’ estimates
Thermo Fisher said that its net income in the third quarter came in at £1.48 billion that translates to £3.71 per share. In the same quarter last year, the U.S. company had reported a much lower £582 million of net income or £1.44 per share.
Thermo Fisher provides reagents and consumables, scientific instrumentation, software, and services to life sciences, healthcare, and other labs across the globe. Adjusted for one-time items, the company earned £4.31 per share that marks a 91% annualised increase, and topped analysts’ forecast of £3.32 per share, as per FactSet.
In terms of revenue, the Waltham-based company posted a 36% year over year increase in the third quarter to £6.53 billion. In the prior quarter (Q2), Thermo Fisher had noted a 10% increase in sales.
According to FactSet, experts had anticipated a lower £5.86 billion of revenue for Thermo Fisher in Q3. In separate news from the United States, Biogen said on Wednesday that its earnings tanked 55% in the fiscal third quarter.
Other prominent figures in Thermo Fisher’s earnings report
Other prominent figures in Thermo Fisher’s financial report on Wednesday include a close to 100% growth in revenue from its life sciences segment to £2.62 billion. The American company generated £2.38 billion of revenue from laboratory products in the fiscal third quarter, that was 19% higher than last year.
FactSet Consensus of Thermo Fisher’s revenue from life sciences and laboratory products was capped at £2.22 billion and £2.18 billion respectively. Revenue from analytics instruments and speciality diagnostics also jumped more than expected in the recent quarter.
Thermo Fisher performed fairly upbeat in the stock market last year with an annual gain of more than 45%. At the time of writing, it has a market cap of £141 billion and a price to earnings ratio of 50.34.