Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Thermo Fisher Scientific Inc. (NYSE:TMO) reported better-than-expected first-quarter financial results and raised its FY24 guidance on Wednesday.
Thermo Fisher Scientific posted a first-quarter revenue of $10.34 billion, down 3% year over year, beating the consensus of $10.17 billion. Adjusted EPS of $5.11 beat the consensus of $4.71 and grew from $5.03 a year ago, according to data from Benzinga Pro.
Revenue from the Life Sciences Solutions Segment declined by 12.5% to $2.29 billion. Analytical Instruments Segment sales were down 2.1% to $1.69 billion. Specialty Diagnostics Segment revenues were almost flat at $1.1 billion, and Laboratory Products and Biopharma Services segment sales were down 0.7% to $5.72 billion.
"We had a great start to the year, driven by our proven growth strategy and the impact of our PPI Business System. Our team continues to enable the success of our customers while demonstrating incredibly strong commercial execution and operational discipline. This positions us to deliver differentiated performance in 2024 as we continue to create value for all of our stakeholders and build an even brighter future for our company," said Marc Casper, chairman, president, and CEO.
Thermo Fisher boosted its 2024 sales guidance to $42.3 billion—$43.3 billion, compared to its previous guidance of $42.1 billion—$43.3 billion and consensus of $42.83 billion. The company increased its adjusted EPS guidance to $21.14-$22.02 versus its previous guidance of $20.95-$22.00 and consensus of $21.53.
Thermo Fisher Scientific shares rose 0.5% to close at $577.39 on Wednesday.
These analysts made changes to their price targets on Thermo Fisher Scientific following earnings announcement.
- Baird cut the price target on Thermo Fisher Scientific from $621 to $620. Baird analyst Catherine Schulte maintained an Outperform rating.
- JP Morgan boosted the price target on Thermo Fisher Scientific from $600 to $650. JP Morgan analyst Tycho Peterson maintained an Overweight rating.
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