July 25, 2018 / 10:29 AM / 3 months ago

Thermo Fisher raises forecast after second-quarter beat

(Reuters) - Thermo Fisher Scientific Inc (TMO.N) posted a better-than-expected quarterly profit as its laboratory products division received a boost from a recent acquisition, and the company raised its 2018 forecast.

The world’s largest maker of scientific instruments said it now expects 2018 adjusted earnings per share of $10.89 to $11.01, compared with its previous forecast of $10.80 to $10.96.

Thermo Fisher also lifted the low end of its 2018 revenue forecast range to $23.68 billion from $23.62 billion, keeping the high end of the range unchanged at $23.86 billion.

Sales from its laboratory products and services segment, which makes incubators and centrifuges, jumped 42 percent to $2.55 billion in the second quarter, ahead of analysts’ estimates of $2.46 billion, in part due to Thermo Fisher’s $5.2 billion acquisition of Patheon NV last year.

Excluding items, the company earned $2.75 per share, beating the average analyst estimate of $2.62 according to Thomson Reuters I/B/E/S.

Revenue rose about 22 percent to $6.08 billion, above Wall Street estimate of $5.89 billion.

The company’s net income rose to $752 million, or $1.85 per share, in the quarter ended June 30, from $612 million, or $1.56 per share last year.

Reporting by Tamara Mathias in Bengaluru; Editing by Maju Samuel

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