Thermo Fisher Scientific (NYSE:TMO) today posted third-quarter results that beat the overall consensus on Wall Street.
The Waltham, Massachusetts–based laboratory supply company reported profits of $1.9 billion, or $4.79 per share, on sales of $9.3 billion for the three months ended Oct. 2, for a bottom-line loss of 1.6% on sales growth of 9.49% compared with Q3 2020.
Adjusted to exclude one-time items, earnings per share were $5.76, $1.09 ahead of The Street, where analysts were looking for sales of $8.4 billion.
“Our incredibly strong performance in the third quarter demonstrates our proven growth strategy powered by our PPI [Practical Process Improvement] business system,” President and CEO Marc Casper said in a news release. “We continue to deliver exceptional performance in revenue, earnings and free cash flow. And we are launching innovative new products and expanding our capabilities and capacity to enhance our customer value proposition.”
“Our team executed at a very high level during the first nine months of the year, and we are on track to deliver another outstanding year and set the company up for an even brighter future,” he said.
Thermo Fisher is raising its 2021 revenue and earnings guidance. The full-year revenue guidance is now estimated to be $37.1 billion, or 15% revenue growth over 2020. Its adjusted EPS guidance is now $23.37, representing a 20% growth year over year.
Shares in TMO were up 0.92% to $613.93 apiece at market open.