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Thermo Fisher 4Q profit rises on specialty tests

Thu, 01/31/2013 - 11:21am
The Associated Press

Thermo Fisher Scientific Inc. said its fourth-quarter earnings climbed 30 percent on higher sales of specialty diagnostics and other scientific instruments.

The company reported net income of $376.4 million, or $1.04 per share, up from $289.9 million, or 77 cents per share, in the fourth quarter of 2011. Revenue grew 6 percent to $3.26 billion.

Excluding one-time charges the company would have earned $1.36 per share. That was better than the $1.28 per share expected by analysts polled by FactSet, who predicted revenue of $3.15 billion, on average.

Thermo Fisher said quarterly revenue from its specialty diagnostics division grew 12 percent to $792 million. Its laboratory products and services segment increased revenue 4 percent to $1.5 billion.

2012 net income was $1.18 billion, or $3.21 per share, compared with 2011 income of $1.33 billion, or $3.46 per share. Revenue rose 8 percent to $12.51 billion from $11.56 billion.

For full-year 2013 the company expects earnings per share in the range of $5.32 to $5.46. Analysts expect $5.43 per share, on average.

Company executives said pharmaceutical and biotech companies continue to be its fastest growing market, while sales to academic and government customers have declined.

Thermo Fisher shares rose 3 cents to $70.42 in morning trading.

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