Thermo Fisher Scientific (TMO) Tops Q1 EPS by 8c, Revenues Beat; Raises FY19 EPS/Revenue Guidance Above Consensus
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Thermo Fisher Scientific (NYSE: TMO) reported Q1 EPS of $2.81, $0.08 better than the analyst estimate of $2.73. Revenue for the quarter came in at $6.12 billion versus the consensus estimate of $6.02 billion.
- First quarter revenue increased to $6.12 billion.
- First quarter GAAP diluted earnings per share (EPS) increased 41% to $2.02.
- First quarter adjusted EPS increased 12% to $2.81.
- Launched a range of new products, including two Thermo Scientific instruments for materials analysis – the Nicolet Summit FTIR spectrometer and the Helios 5 DualBeam scanning electron microscope – and in specialty diagnostics, received FDA clearance for a new ImmunoCAP test for peanut allergy.
- Recently opened new Customer Solution Centers in Beijing and Delhi to help scientists in the food and beverage industry develop advanced analytical workflows that improve food quality and safety.
- Announced $150 million expansion of our pharma services sites in Italy and North Carolina to increase capacity and capabilities of our global sterile manufacturing network and meet growing customer demand for biologics development and manufacturing services.
- Announced agreement to acquire Brammer Bio, a leader in viral vector manufacturing, for $1.7 billion, significantly expanding our capabilities in the fast-growing gene and cell therapy market.
- Repurchased $750 million of stock and increased our dividend by 12 percent.
"We're pleased to deliver another quarter of excellent growth on the top and bottom line," said Marc N. Casper, president and chief executive officer of Thermo Fisher Scientific. "Our teams are strengthening our competitive position by successfully executing our growth strategy – a combination of launching great new products, leveraging our scale in high-growth and emerging markets, and enhancing our unique value proposition to be the strongest partner possible for our customers.
"I'm especially excited about our pending acquisition of Brammer Bio, which we announced in March. As a leader in viral vector manufacturing, Brammer Bio helps pharma and biotech customers deliver breakthrough gene and cell therapies to patients with rare diseases. We also continue to deploy capex to expand our pharma services capacity and capabilities in the U.S. and Europe to meet increasing customer demand and ultimately make a difference for countless patients and their families."
Casper added, "We're off to a strong start, and we\'re on track to deliver another outstanding year."
Thermo Fisher Scientific sees FY2019 EPS of $12.22, versus the consensus of $12.17. Thermo Fisher Scientific sees FY2019 revenue of $25.47 billion, versus the consensus of $25.23 billion.
For earnings history and earnings-related data on Thermo Fisher Scientific (TMO) click here.
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