Thermo Fisher Scientific Cuts FY23 Outlook Below Market - Update

(RTTNews) - Thermo Fisher Scientific (TMO), while reporting higher earnings and weak revenues in its third quarter, on Wednesday trimmed its forecast for fiscal 2023 earnings and revenues below market citing the current macroeconomic environment.

In pre-market activity on the NYSE, Thermo Fisher shares were trading at $450.56, down 1.7 percent.

For the year, the company now expects adjusted earnings per share to be $21.50 and revenue to be $42.7 billion, with core organic revenue growth of 1 percent.

The company previously expected earnings per share between $22.28 and $22.72 and revenue between $43.4 billion and $44.0 billion.

On average, analysts polled by Thomson Reuters expect earnings of $22.31 per share for the year on revenues of $43.53 billion. Analysts' estimates typically exclude special items.

In its third quarter, Thermo Fisher revealed earnings that increased from last year and beat the Street estimates.

The company's bottom line came in at $1.72 billion, or $4.42 per share, compared to $1.50 billion, or $3.79 per share, in last year's third quarter.

Adjusted earnings were $2.21 billion or $5.69 per share for the period, compared to $5.08 in the third quarter of 2022.

Analysts expected the company to earn $5.63 per share.

The company's revenue for the quarter fell 1.0 percent to $10.57 billion from $10.68 billion last year. Organic revenue was 3 percent lower, Core organic revenue growth was 1 percent,

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