Thermo Fisher Lifts FY24 Earnings, Sales View; Stock Up In Pre-market - Update

(RTTNews) - Thermo Fisher Scientific Inc. (TMO), while reporting higher earnings and weak sales in its first quarter, on Wednesday raised its fiscal 2024 forecast to reflect stronger operational performance.

In pre-market activity on the NYSE, Thermo Fisher shares were gaining around 3.5 percent to trade at $594.78.

The company now expects adjusted earnings per share of $21.14 to $22.02, higher than its previous guidance of $20.95 to $22.00.

Thermo Fisher raised its revenue guidance to a new range of $42.3 to $43.3 billion versus its previous guidance of $42.1 to $43.3 billion.

Analysts on average expect the company to report earnings of $21.53 per share on sales of $42.83 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

In its first quarter, Thermo Fisher's earnings increased from the same period last year and beat the Street estimates.

The company's earnings totaled $1.33 billion, or $3.46 per share. This compares with $1.29 billion, or $3.32 per share, in last year's first quarter.

Adjusted earnings were $1.96 billion or $5.11 per share for the period. Analysts had expected the company to earn $4.71 per share.

The company's revenue for the quarter fell 3.4% to $10.35 billion from $10.71 billion last year.

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