Shares of Thermo Fisher Scientific (TMO) - Get Thermo Fisher Scientific Inc. Report surged Wednesday after the maker of scientific instruments and lab supplies beat analysts' estimates on both earnings and revenue.
Thermo Fisher's stock price shot up 5.75% to $297.14 after the Waltham, Mass.-based company posted earnings of $2.94 a share, which beat the $2.88-per-share estimate of analysts surveyed by Zacks Investment Research. The earnings also were 12% higher than the same quarter last year, when the company reported earnings of $2.62 a share.
Thermo Fisher also posted a revenue beat, generating $6.27 billion in the third quarter. That topped Zacks' estimate by 1.33% and came in over $300 million or 6% higher than the same quarter last year when the company reported revenue of $5.92 billion.
Thermo Fisher has topped analysts' estimates on both revenue and earnings three of the last four quarters, according to Zacks.
The company rolled out a number of new products during the quarter, including "the FDA-cleared Thermo Scientific TSQ Altis and Quantis MD mass spectrometers and the Vanquish MD HPLC for clinical diagnostic laboratories," among others.
"We're pleased to continue our strong momentum in the third quarter, with excellent performance on the top and bottom line," said Marc Casper, president and CEO of Thermo Fisher Scientific, in a press release.
Save 57% during our Halloween Sale. Don't let this market haunt you and join Jim Cramer's Investment Club, Action Alerts PLUS. Click here to sign up!