UPDATE 2-Thermo Fisher profit tops Street view, shrs rise
* Q1 adjusted EPS $1.17 vs Street view $1.11
* Revenue rose 14 percent to $3.10 billion
* Sees 2012 adjusted EPS $4.71 to $4.83
* Shares rise 4.3 percent
By Bill Berkrot
April 25 (Reuters) - Laboratory equipment maker Thermo Fisher Scientific Inc reported a higher-than-expected first-quarter profit on Wednesday on increased sales of analytical instruments.
The company slightly raised its full-year forecast and its shares rose more than 4 percent.
"The company continues to see the benefits of its diversified model," said Morningstar analyst Alex Morozov. "The company has a really strong consumable and reagent revenue component that should carry it even if academic and government spending declines."
The life science tools sector has faced constraints in spending by academic and government research customers due to economic and budgetary uncertainties.
Thermo posted a net profit of $277.3 million, or 75 cents per share, compared with $252.2 million, or 63 cents per share, a year earlier.
Excluding items, Thermo earned $1.17 per share. Analysts on average expected $1.11, according to Thomson Reuters I/B/E/S.
The company said it was raising its 2012 forecast primarily because of improved foreign currency exchange rates.
It now expects adjusted earnings of $4.71 to $4.83 per share. It had previously forecast $4.67 to $4.82.
The company expects revenue of $12.27 billion to $12.43 billion, up from its prior forecast of $12.15 billion to $12.35 billion.
"The company should have no issues meeting the expectations barring any unforeseeable pullback," Morozov said.
Revenue for the quarter rose 14 percent to $3.10 billion, edging past Wall Street estimates of $2.98 billion.
"Our revenue growth was fueled largely by demand for analytical instruments across a broad base of customers, as well as ongoing strength in our biopharma services business," Chief Executive Officer Marc Casper said in a statement.
Sales at the analytical technologies business rose 21 percent to $1.01 billion, while specialty diagnostics sales jumped 27 percent to $729 million.
The laboratory products and services division showed more modest growth of 4 percent to $1.15 billion.
Thermo Fisher shares were up $2.25, or 4.3 percent, at $54.99 in late morning trade on the New York Stock Exchange.
- Exclusive: Malaysia plane probe narrows on mid-air disintegration - source
- Radar showed missing plane may have turned back: Malaysia military
- Missing Malaysian jet may have disintegrated in mid-air: source |
- Malaysian plane presumed crashed; questions over false IDs |
- Merkel raps Putin as Russian forces tighten grip on Crimea |