Thermo Fisher's profit rises nine percent as diagnostic devices sales jump

Wed Oct 23, 2013 6:14am EDT

(Reuters) - Thermo Fisher Scientific Inc (TMO.N), the world's largest maker of laboratory equipment, reported a 9 percent rise in quarterly profit due to strong sales of its diagnostic devices, and the company raised the low end of its full-year results forecast.

Net profit rose to $317.6 million, or 86 cents per share, from $290.4 million, or 79 cents per share, a year earlier.

Excluding one-time items, the company reported adjusted earnings of $1.30 per share, topping analysts' average expectations by 2 cents, according to Thomson Reuters I/B/E/S.

Revenue for the quarter rose about 3 percent to $3.19 billion, roughly in line with Wall Street estimates of $3.17 billion.

Specialty diagnostics business sales rose 7 percent while revenue grew double digits in China.

The company, which still expects to close its acquisition of genetic testing company Life Technologies Inc LIFE.O in early 2014, took up the low end of its 2013 adjusted earnings forecast by 2 cents and now expects to earn $5.31 to $5.39 per share.

Thermo Fisher also raised the low end of its full-year revenue forecast by $40 million to a range of $12.87 billion to $12.95 billion.

(Reporting by Bill Berkrot; Editing by Sriraj Kalluvila)