Thermo Fisher Scientific (NYSE: TMO) reported Q1 EPS of $7.21, $0.56 better than the analyst estimate of $6.65. Revenue for the quarter came in at $9.91 billion versus the consensus estimate of $9.72 billion.

First Quarter 2021 Highlights

• First quarter revenue increased 59% to $9.91 billion.
• First quarter GAAP diluted earnings per share (EPS) increased 198% to $5.88.
• First quarter adjusted EPS increased 145% to $7.21.
• Continued significant role in enabling the COVID-19 response, helping to scale vaccine production and supporting testing globally, and accelerated growth in the base business.
• Strong start to the year in terms of product launches including two Thermo Scientific Orbitrap Exploris Gas Chromatography-Mass Spectrometers, which bring high-resolution analysis to a range of applications, including toxicology and metabolomics, the Thermo Scientific Spectra Ultra electron microscope for improved throughput and workflow in materials science applications, the Kingfisher Apex Purification System for high throughput sample preparation and the Thermo Scientific AerosolSense Sampler, an in-air surveillance solution for pathogens, including SARS-CoV-2.
• Continued to increase our capacity to meet customer demand. In the quarter, we began shipping single use technologies from our new facility in Suzhou to bioproduction customers in China. We also brought additional capacity online in Singapore for bioproduction and at two sites in North America for laboratory plastics.
• Advanced our environmental, social and governance priorities and committed to an impact investment of $25 million in financial institutions focused on minority communities.
• Very active capital deployment to start the year including repurchasing $2 billion of stock, increasing our dividend by 18% and completing the acquisition of Mesa Biotech, Inc., a point-of-care molecular diagnostic company.
• After quarter end, announced an agreement to acquire PPD, Inc., a leading global provider of clinical research services, for $17.4 billion.

"We are off to an excellent start to the year. Market conditions are strong, and our team is executing at an incredibly high level. From a financial perspective, we again delivered exceptional growth in revenue, earnings and free cash flow for the quarter," said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific. "We began accelerating our investments in talent, capabilities and capacity in the second half of 2020 and we are already starting to see the benefits of those actions which will ensure an even brighter future for our company."

Casper added, "I am also very excited about our recently announced agreement to acquire PPD, Inc. This is a great fit for our company and will strengthen our value proposition for our largest and fastest growing end market, provide exciting career opportunities for our colleagues, and create significant shareholder value."

For earnings history and earnings-related data on Thermo Fisher Scientific (TMO) click here.