Thermo Fisher Scientific
stock slumped Wednesday after the leading maker of laboratory equipment and analytical instruments reported third-quarter sales short of Wall Street’s expectations and slashed its full-year guidance—again.
Thermo Fisher
(ticker: TMO) reported earnings of $5.69 a share on revenue of $10.57 billion for the three months ended in September. Analysts surveyed by FactSet had expected the company to post earnings of $5.61 a share on revenue of $10.6 billion, so the results were a slight miss on the sales front. But that’s not the really bad news.
Citing a challenging macroeconomic environment, Thermo Fisher slashed its earnings and sales guidance for the second consecutive quarter. The company now sees 2023 earnings per share at $21.50 on revenue of $42.7 billion. In July, the group said earnings could be in a range as high as $22.72 a share on revenue of as much as $44 billion, down from April guidance of profit at $23.70 a share on revenue of $45.3 billion.
“While market conditions further weakened during the third quarter, I’m very pleased with our team’s execution which enabled our company to deliver both excellent margin expansion and adjusted EPS growth,” said Marc Casper, Thermo Fisher’s chairman and CEO. “We also continue to invest for the future and a great example of this is our recently announced agreement to acquire Olink.”
Thermo Fisher was a Barron’s stock pick in April. The shares have since fallen 16% as of Tuesday’s close.
Write to Jack Denton at [email protected]
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