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Thermo Fisher Scientific Reports Third Quarter 2013 Results

Stocks in this article: TMO

Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the third quarter ended September 28, 2013.

Third Quarter 2013 Highlights

  • Grew adjusted earnings per share (EPS) 9% to a third quarter record of $1.30
  • Increased revenue 3% to a third quarter record of $3.19 billion
  • Expanded adjusted operating margin 70 basis points to 19.4%
  • Strengthened innovation leadership – recently launched mass spectrometry systems are gaining excellent traction and newly introduced portable analyzer creates growth opportunity in agricultural quality control
  • Continued to expand presence in high-growth Asia-Pacific and emerging markets, including opening of new production facility in Singapore to support growing global demand for biologics
  • Life Technologies shareholders approved pending acquisition, and integration planning remains on track

Adjusted EPS, adjusted operating income, adjusted operating margin and free cash flow are non-GAAP measures that exclude certain items detailed later in this press release under the heading “Use of Non-GAAP Financial Measures.”

“I’m pleased to report another quarter of strong adjusted EPS results, with 9% growth year over year,” said Marc N. Casper, president and chief executive officer of Thermo Fisher Scientific. “We executed well in a challenging market environment, driving productivity and leveraging our PPI Business System to deliver solid adjusted operating margin expansion.

“On the technology front, we had great uptake of our mass spectrometry systems launched at ASMS from customers in both life sciences and applied markets. In the quarter, we introduced new technologies to improve bioprocessing quality and efficiency as well as a new portable analyzer for on-site inspection of animal feed.

“In Asia-Pacific and emerging markets, our China team continued its excellent growth momentum, with another quarter of strong double-digit revenue performance. During the quarter, we expanded our presence by opening a new production facility in Singapore to meet growing demand for vaccines and therapeutics.

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