Thermo Fisher Scientific Q3 Income Falls Despite Revenue Growth

(RTTNews) - Healthcare business Thermo Fisher Scientific Inc. (TMO), on Wednesday reported a drop in profit for the third quarter despite the surge in revenues.

Net Income for the period was $1.5 billion or $3.79 per share as compared to $1.9 billion or $4.79 per share in the corresponding period last year.

Excluding items, earnings $2.0 billion or $5.08 per share as compared to $2.3 billion or $5.77 per share in the comparable prior period.

20 analysts polled by Thomson Reuters were expecting the company to report earnings of $4.81 per share. Analysts typically exclude one-time items.

Revenue for the quarter grew 14 percent to $10.68 billion, from $9.33 billion in the year-ago quarter.

18 analysts polled by Thomson Reuters were expecting the company to report revenues of $9.91 billion.

The company is scheduled to provide updated 2022 financial guidance during its earnings conference call this morning at 8:30 a.m. ET.

Shares of Thermo Fisher Scientific are currently trading in pre-market at $519.65, up $5.03 or 0.98 percent from the previous close.