Thermo Fisher Scientific Lifts FY24 Earnings, Revenue Forecast After Q2 Earnings Beat Market

(RTTNews) - Thermo Fisher Scientific (TMO), while reporting higher second-quarter earnings but weak sales, on Wednesday raised its fiscal 2024 outlook.

For the full year, the company now expects adjusted earnings per share in the range of $21.29 to $22.07, higher than previously expected $21.14 to $22.02.

The company raised its revenue guidance to a new range of $42.4 billion to $43.3 billion from its previous guidance of $42.3 billion to $43.3 billion.

Analysts on average expect the company to report earnings of $21.7 per share on sales of $42.96 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

In its second quarter, Thermo Fisher's earnings increased from last year and beat the Street estimates. The company's earnings totaled $1.55 billion, or $4.04 per share, compared with $1.36 billion, or $3.51 per share last year.

Adjusted earnings were $2.06 billion or $5.37 per share for the period, compared to $5.15 per share in the second quarter of 2023. Analysts had expected the company to earn $5.12 per share.

The company's revenue for the quarter fell 1.4 percent to $10.54 billion from $10.69 billion last year, while the Street was looking for revenues of $10.51 billion.

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