Thermo Fisher Scientific (TMO) Tops Q2 EPS by 13c, Revenues Beat; Boosts FY18 EPS/Revenue Outlook
Thermo Fisher Scientific (NYSE: TMO) reported Q2 EPS of $2.75, $0.13 better than the analyst estimate of $2.62. Revenue for the quarter came in at $6.08 billion versus the consensus estimate of $5.89 billion.
Second Quarter 2018 Highlights
- Grew revenue 22% to $6.08 billion.
- Increased GAAP diluted earnings per share (EPS) 19% to $1.85.
- Increased adjusted EPS 20% to $2.75.
- Launched suite of new mass spectrometry systems for life sciences and applied markets – highlighted by the Thermo Scientific Q Exactive UHMR for protein research – as well as new products for clinical research and diagnostics, including the Ion Torrent Oncomine Childhood Cancer Research Assay and the Thermo Scientific B.R.A.H.M.S. Kryptor Gold immunoassay analyzer in Europe.
- Opened new Precision Medicine Science Center in the U.S., giving customers greater access to the range of technologies and expertise we offer to help them accelerate development of individualized patient treatments.
- Announced agreement to acquire Gatan Inc., a leading provider of instrumentation and software to enhance the performance of electron microscopy systems.
"We're pleased to deliver another excellent quarter, which reflects the strength of our global competitive position," said Marc N. Casper, president and chief executive officer of Thermo Fisher Scientific. "Conditions across our end markets globally were strong and our team executed well to capture the opportunities for growth.
"Among the highlights during the quarter, we launched a comprehensive line-up of new products to help our customers meet their goals in life science research, applied markets and clinical settings. We continued to effectively leverage our scale to deliver strong growth in Asia-Pacific and emerging markets, including China. We also announced our agreement to acquire Gatan, which is a great fit with our electron microscopy business and will strengthen our customer offering."
Casper added, "Our excellent first half of the year positions us to achieve a very successful 2018."
2018 Guidance Update
Thermo Fisher is raising its 2018 revenue and earnings guidance to reflect strong operational performance, partially offset by less favorable foreign exchange. The company is raising its revenue guidance to a new range of $23.68 to $23.86 billion versus its previous guidance of $23.62 to $23.86 billion. This would result in 13 to 14% revenue growth over 2017. The company is raising its adjusted EPS guidance to a new range of $10.89 to $11.01, versus its previous guidance of $10.80 to $10.96, for 15 to 16% growth year over year.
GUIDANCE:
Thermo Fisher Scientific sees FY2018 EPS of $10.89-$11.01, versus the consensus of $10.91. Thermo Fisher Scientific sees FY2018 revenue of $23.68-23.86 billion, versus the consensus of $23.77 billion.
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