Thermo Fisher Scientific 4Q Profit Rises While Sales Slip

By Dean Seal

Thermo Fisher Scientific's earnings rose in the fourth quarter despite lower revenue as margins expanded and costs eased.

The scientific-equipment company posted a profit of $1.63 billion, or $4.20 a share, compared with $1.58 billion, or $4.01 a share, in the same quarter a year ago.

Stripping out one-time items, adjusted earnings were $5.67. Analysts surveyed by FactSet had been expecting $5.64 a share.

Quarterly revenue fell to $10.89 billion from $11.45 billion last year, above analyst projections for $10.73 billion, according to FactSet.

Core revenue, which excludes Covid-19 testing revenue and the impacts of acquisitions, divestitures and foreign currency translation, was down 4% during the quarter, while cost of revenue declined nearly 5%.

The Waltham, Mass.-based company is expecting adjusted earnings of $20.95 to $22 a share in 2024, in line with 2023's $21.55 a share and current analyst forecasts for $21.76 a share, according to FactSet.

Revenue in 2024 is expected to come in at $42.1 billion to $43.3 billion, compared with $42.86 billion in 2023 and the consensus estimate of $42.83 billion from analysts polled by FactSet.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

January 31, 2024 06:33 ET (11:33 GMT)

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