Thermo Fisher Scientific Q1 Profit Down, Adj. EPS Meets View; Revenues Beat

(RTTNews) - Thermo Fisher Scientific (TMO) reported Wednesday that its first-quarter net income attributable to the company fell to $1.29 billion from last year's $2.22 billion. Earnings per share were $3.32, lower than prior year's $5.61.

The first-quarter adjusted earnings per share were $5.03, compared to $7.25 in the first quarter of 2022.

On average, 22 analysts polled by Thomson Reuters expected earnings of $5.03 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter declined 9 percent to $10.71 billion from $11.82 billion in 2022. The Street was looking for revenues of $10.67 billion for the quarter.

Organic revenue was 8 percent lower, while core organic revenue growth was 6 percent, and COVID-19 testing revenue was $0.14 billion.

The company said it will provide updates on its 2023 financial guidance during its earnings conference call.

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