By Dean Seal
Thermo Fisher logged higher earnings despite a slight drop in sales for the third quarter.
The Waltham, Mass., scientific-equipment company posted a profit of $1.72 billion, or $4.42 a share, compared with $1.50 billion, or $3.79 a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were $5.69 a share. Analysts polled by FactSet had been expecting $5.61 a share.
Revenue decreased to $10.57 billion from $10.68 billion in the year-ago quarter, below analyst forecasts for $10.6 billion, according to FactSet.
Core organic revenue, which excludes $500,000 in Covid testing revenue and the impacts of acquisitions and foreign currency translation, was up 1% for the quarter.
“”While market conditions further weakened during the third quarter, I’m very pleased with our team’s execution which enabled our company to deliver both excellent margin expansion and adjusted EPS growth,” Chief Executive Marc Casper said.
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