Thermo Fisher Scientific (NYSE: TMO) reported Q2 EPS of $3.89, $1.05 better than the analyst estimate of $2.84. Revenue for the quarter came in at $6.92 billion versus the consensus estimate of $6.13 billion.

Second Quarter 2020

• Revenue for the quarter grew 10% to $6.92 billion in 2020, versus $6.32 billion in 2019. Organic revenue growth was 11% and currency translation decreased revenue by 1%.
• GAAP diluted EPS in the second quarter of 2020 increased 5% to $2.90, versus $2.77 in the same quarter last year.
• GAAP operating income for the second quarter of 2020 was $1.39 billion, compared with $1.50 billion in the year-ago quarter.
• GAAP operating margin was 20.1%, compared with 23.7% in the second quarter of 2019.
• GAAP results for the second quarter of 2019 reflect a gain on the sale of the company's Anatomical Pathology business in June 2019.
• Adjusted EPS in the second quarter of 2020 increased 28% to $3.89, versus $3.04 in the second quarter of 2019.
• Adjusted operating income for the second quarter of 2020 grew 26% compared with the year-ago quarter.
• Adjusted operating margin increased to 27.0%, compared with 23.5% in the second quarter of 2019.

"We delivered an extraordinary quarter," said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. "We quickly mobilized our resources to support the global COVID-19 response and made a significant contribution to our customers and society while effectively managing the company through the current economic environment.

"Our teams worked with relentless intensity to establish Thermo Fisher as a global leader in COVID-19 testing and leverage our pharma services leadership to support the development and production of therapeutics and vaccines. At the same time, we continued to execute our growth strategy, developing new products and capabilities across our businesses that will position us well for years to come."

Casper added, "I'm very proud of what we've accomplished so far this year. Our performance demonstrates the strength of our company, the talent and sheer determination of our teams, and the scale of our role in helping customers and governments navigate these unprecedented times."

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