October 24, 2018 / 10:09 AM / 10 months ago

Thermo Fisher raises forecast after third-quarter profit beat

(Reuters) - Thermo Fisher Scientific Inc (TMO.N) reported a better-than-expected quarterly profit on Wednesday on higher demand for its laboratory products and the world’s largest scientific instruments maker raised its full-year forecast.

Sales from Thermo Fisher’s laboratory products and services segment, which makes incubators and centrifuges, jumped nearly 28 percent to $2.47 billion in the third quarter, ahead of analysts’ estimates of $2.39 billion, helped by its $5.2 billion acquisition of Patheon NV last year.

Excluding items, the company earned $2.62 per share, beating the average analyst estimate of $2.55, according to Refinitiv data.

“Our increasing scale in Asia-Pacific and emerging markets remain a key competitive advantage, and we delivered strong performance in the region, led by China,” Chief Executive Officer Marc Casper said in a statement.

Thermo Fisher said it expects 2018 adjusted earnings per share of $11.00 to $11.06, against its previous forecast of $10.89-$11.01 per share.

The company also lifted its 2018 revenue forecast range to $23.99 billion to $24.09 billion, compared with its previous forecast of $23.68 billion to $23.86 billion.

Revenue in the quarter rose about 16 percent to $5.92 billion, above Wall Street estimates of $5.71 billion.

The company’s net income rose to $709 million, or $1.75 per share, in the quarter ended Sept. 29, from $534 million, or $1.34 per share, last year.

Reporting by Aakash Jagadeesh Babu in Bengaluru; Editing by James Emmanuel

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