WALTHAM, Mass. - Thermo Fisher Scientific Inc. (NYSE: NYSE:TMO), the world leader in serving science, has outpaced analyst expectations for the second quarter of 2024, with adjusted earnings per share (EPS) rising by 4% to $5.37, surpassing the consensus estimate of $5.12.
The company's revenue also exceeded forecasts, reaching $10.54 billion against an anticipated $10.5 billion.
The company's reported revenue for the second quarter reflects a slight decline of 1% from the previous year's $10.69 billion, with organic revenue also dropping by 1%. Despite this, Thermo Fisher's GAAP diluted EPS showed a notable increase of 15% compared to the same quarter last year, climbing from $3.51 to $4.04.
Marc N. Casper, chairman, president, and chief executive officer of Thermo Fisher, attributed the robust financial performance to the company's strategic growth initiatives and the efficiency of its PPI Business System. Casper expressed confidence in the company's progress at the mid-year point and its enhanced industry leadership, positioning Thermo Fisher for a promising future.
Looking ahead, Thermo Fisher has raised its full-year revenue and adjusted EPS guidance for 2024. The company now forecasts revenue to be in the range of $42.4 to $43.3 billion, a slight increase from the previous guidance of $42.3 to $43.3 billion. Adjusted EPS guidance has also been lifted to a new range of $21.29 to $22.07, compared to the earlier range of $21.14 to $22.02. This updated guidance places the midpoint for adjusted EPS at $21.68, marginally below the analyst consensus of $21.70. Meanwhile, the midpoint for revenue guidance stands at $42.85 billion, slightly below the consensus estimate of $42.96 billion.
Thermo Fisher's commitment to innovation was evident in the quarter with the launch of several high-impact products, including the Thermo Scientific™ Stellar™ mass spectrometer and new editions of the Thermo Scientific Orbitrap Ascend Tribrid™ mass spectrometer. The company also emphasized its efforts in sustainability, introducing a biobased film for bioprocessing containers and ENERGY STAR-certified freezers.
The company's recent acquisition of Olink, a provider of next-generation proteomic solutions, was highlighted as a strategic move to strengthen Thermo Fisher's leadership in protein research and precision medicine.
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