July 24 Thermo Fisher Scientific Inc
reported a second-quarter profit that was slightly ahead of
analysts' expectation, and said it was making progress in
planning for its $13.6 billion acquisition of genetic testing
company Life Technologies Inc.
Thermo Fisher, the world's largest maker of laboratory
equipment and scientific instruments, said its net profit rose
to $277.4 million, or 76 cents per share, in the quarter ended
June 29 from $233.8 million, or 63 cents per share, a year ago.
Excluding special items, Thermo Fisher earned $1.32 per
Analysts on average expected $1.30 per share, according to
Thomson Reuters I/B/E/S.
The company raised the low end of its full-year earnings
forecast by 2 cents per share to account for the second quarter
performance, but slightly lowered its revenue projection due to
unfavorable foreign currency exchange rates.
The strength of the dollar against the yen in particular has
hurt sales of companies doing business in Japan this year.
Thermo Fisher, which last month said it was offering more
than $2 billion of common stock and entered into a $7.5 billion
credit agreement to help fund the Life Tech purchase, said the
deal remained on track to close in early 2014.
"I'm pleased to report that the integration planning teams
are making great progress," Thermo Fisher Chief Executive Marc
Casper said in a statement.
Revenue rose 4 percent to $3.24 billion in the second
quarter, roughly in line with Wall Street forecasts of $3.22
Sales of laboratory products and services rose 3 percent in
the quarter to $1.58 billion, while sales from Thermo's
analytical technologies unit rose 4 percent to $1.01 billion.
The specialty diagnostics business rose 8 percent to $794
Thermo Fisher said it now expects full-year earnings of
$5.29 to $5.39 per share, excluding items. The company forecast
revenue of $12.83 billion to $12.95 billion versus its prior
view of $12.84 billion to $13.00 billion.