Thermo Fisher Scientific 1Q Revenue Tops Estimates, Raises 2024 Outlook
By Denny Jacob
Thermo Fisher Scientific posted better-than-expected revenue in its latest quarter, leading the company to raise its outlook for 2024.
The scientific-equipment company logged net income of $1.33 billion, or $3.46 a share, for the first quarter ended March 30, up from $1.29 billion, or $3.32 a share, a year earlier. Adjusted earnings were $5.11 a share, above analysts' estimates of $4.71 a share.
Revenue edged down 3% to $10.35 billion from $10.71 billion. Analysts polled by FactSet expected $10.15 billion.
"We had a great start to the year, driven by our proven growth strategy and the impact of our PPI Business System," said Chief Executive Marc Casper.
Thermo Fisher Scientific raised its 2024 guidance which it said reflected stronger operational performance. It forecast revenue between $42.3 billion and $43.3 billion as well as adjusted earnings per-share in the range of $21.14 a share and $22.02 a share.
It previously guided for revenue between $42.1 billion and $43.3 billion as well as adjusted earnings per-share in the range of $20.95 a share and $22 a share.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
April 24, 2024 06:37 ET (10:37 GMT)
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