UPDATE: Thermo Fisher Scientific (TMO) Tops Q1 EPS by 15c, Revenues Beat
Thermo Fisher Scientific (NYSE: TMO) reported Q1 EPS of $2.94, $0.13 better than the analyst estimate of $2.79. Revenue for the quarter came in at $6.23 billion versus the consensus estimate of $6.17 billion.
First Quarter 2020 Highlights
- First quarter revenue increased 2% to $6.23 billion.
- First quarter GAAP diluted earnings per share (EPS) decreased 2% to $1.97.
- First quarter adjusted EPS increased 5% to $2.94.
- Announced agreement to acquire QIAGEN N.V. for $11.5 billion, expanding our specialty diagnostics portfolio with attractive molecular diagnostics capabilities and enhancing our life sciences offering with innovative sample preparation technologies. Commenced permanent financing by raising $3.5 billion through U.S. and European bond offerings.
- Responded to global demand for COVID-19 diagnostic testing by developing the Applied Biosystems TaqPath COVID-19 Combo Kit, which received Emergency Use Authorization from the U.S. FDA, the CE mark in Europe and subsequent authorizations worldwide. Also introduced the Thermo Scientific AcroMetrix Coronavirus 2019 RNA Control to validate molecular diagnostic tests.
- Launched new products to support a range of customer applications, including the highly automated Thermo Scientific Vanquish Core HPLC system for increased throughput in pharmaceutical, food and industrial testing, and the Thermo Scientific Labtainer Pro bioprocess container to improve drug and vaccine production.
- Repurchased $1.5 billion of stock and increased our dividend by 16 percent.
"We're clearly living in unprecedented times, and the COVID-19 pandemic has put a spotlight on the importance of the work we do at Thermo Fisher Scientific," said Marc N. Casper, chairman, president and chief executive officer of the company. "Our leading scale and depth of capabilities are key advantages in navigating this environment, and we were pleased to deliver a very good first quarter. Our performance reflects the amazing effort of our teams who continued to meet our customers' needs and quickly mobilized to provide solutions to analyze, diagnose and protect from the virus globally.
"As you would expect, we're managing the company appropriately and our guiding principles are to keep our colleagues safe, support our customers' important work and ensure we come through this period an even stronger industry leader."
Casper added, "We were also very excited to announce our agreement to acquire QIAGEN, which will enhance our customer value proposition in life sciences and specialty diagnostics, including infectious disease testing. QIAGEN's offerings and expertise are a perfect complement to our capabilities, and we remain on track to complete the transaction in the first half of 2021."
For earnings history and earnings-related data on Thermo Fisher Scientific (TMO) click here.