By Dave Sebastian
Thermo Fisher Scientific Inc. executives said the company expects 2020 revenue to grow 20% to about $30.52 billion, its first full-year outlook since it withdrew guidance in April due to Covid-19 uncertainty.
The scientific-equipment and diagnostics company also expects adjusted earnings to rise 48% to $18.27 a share for the year, executives said on a conference call Wednesday.
The estimates are higher than the outlook it put out in late January, when it guided for adjusted earnings of $13.49 to $13.67 a share on revenue of $26.61 billion to $27.01 billion.
The company on Wednesday posted higher-than-expected profit and sales for the September quarter as it benefited from demand for Covid-19 testing.
For the fourth quarter, the company expects organic growth of 29%, with an expected $1.75 billion in Covid-19 response revenue and organic growth in the base business of low- to mid-single digits, Finance Chief Stephen Williamson said.
The company expects fourth-quarter adjusted earnings to grow about 60% from the same quarter last year, Mr. Williamson said. He added that the outlook doesn't anticipate the kind of lockdowns seen earlier this year amid the pandemic.
Shares rose 2.4% to $476.50.
Write to Dave Sebastian at email@example.com
(END) Dow Jones Newswires
October 21, 2020 10:28 ET (14:28 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.