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Oct. 21, 2020, 6:13 a.m. EDT

Thermo Fisher's stock jumps after big profit, revenue beats

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By Tomi Kilgore

Shares of Thermo Fisher Scientific Inc. /zigman2/quotes/201150432/composite TMO +2.02% rose 2.3% in premarket trading Wednesday, after the life sciences and laboratory products company reported third-quarter profit and revenue that were well above expectations. Net income grew to $1.93 billion, or $4.84 a share, from $760 million, or $1.88 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share increased 91% to $5.63, above the FactSet consensus of $4.33. Revenue rose 36% to $8.52 billion, beating the FactSet consensus of $7.65 billion. Among the company's business segments, life sciences revenue roughly doubled to $3.42 billion to beat expectations of $2.90 billion and laboratory products revenue increased 19% to $3.11 billion to top expectations of $2.85 billion. Analytical instruments and specialty diagnostics revenue also rose more than forecast. "We've continued to meet COVID-related customer demand by launching new products across our company, such as tests and automated workflows to accurately diagnose the virus and enable society's return to work and school," said Chief Executive Marc Casper. "At the same time, we're adding new capabilities, including scaling up production of sample collection products and essential laboratory supplies as well as increasing our pharma services capacity to support new therapies and vaccines." The stock has run up 43.2% year to date through Tuesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.16% has advanced 6.6%.

/zigman2/quotes/201150432/composite
US : U.S.: NYSE
$ 448.45
+8.89 +2.02%
Volume: 2.65M
Nov. 25, 2020 7:00p
P/E Ratio
36.72
Dividend Yield
0.20%
Market Cap
$174.21 billion
Rev. per Employee
$340,560
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/zigman2/quotes/210599714/realtime
US : S&P US
3,629.65
-5.76 -0.16%
Volume: 2.32B
Nov. 25, 2020 5:33p
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