By Thermo Fisher Scientific, a leading scientific equipment company, has revealed its strong performance in the fourth quarter, showcasing increased earnings despite lower revenue. The company’s improved margins and reduced costs were key drivers behind this success.
Financial Highlights
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Profit: Thermo Fisher Scientific achieved a profit of $1.63 billion, or $4.20 per share, in the fourth quarter, as compared to $1.58 billion, or $4.01 per share, during the same period last year.
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Adjusted Earnings: Excluding one-time items, the company’s adjusted earnings were $5.67 per share, surpassing analysts’ expectations of $5.64 per share based on FactSet’s survey.
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Revenue: Quarterly revenue came in at $10.89 billion, slightly lower than the previous year’s $11.45 billion. However, it exceeded analyst projections of $10.73 billion according to FactSet.
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Core Revenue: Excluding Covid-19 testing revenue, acquisitions, divestitures, and foreign currency translation impacts, core revenue saw a decline of 4% during the quarter.
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Cost of Revenue: Thermo Fisher Scientific successfully reduced its cost of revenue by nearly 5% during the fourth quarter.
Future Outlook
Looking ahead to 2024, Thermo Fisher Scientific expects adjusted earnings between $20.95 and $22 per share, which aligns with the projected earnings of $21.55 per share for 2023 and the consensus estimate of $21.76 per share from analysts polled by FactSet.
Moreover, the company anticipates revenue in the range of $42.1 billion to $43.3 billion for 2024. This is in comparison to the $42.86 billion recorded in 2023 and the consensus estimate of $42.83 billion based on analysts surveyed by FactSet.
For more information, please contact Thermo Fisher Scientific directly.
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