(Reuters) - Thermo Fisher Scientific Inc (TMO.N) on Wednesday reported higher-than-expected first quarter profit on increased sales in all of its divisions and raised its full-year earnings and revenue forecasts.
The world’s largest maker of scientific instruments said net profit rose to $551.4 million, or $1.40 per share, from $402.2 million, or $1.01 per share, a year earlier. [nPn9kpGHZa]
Excluding special items, Thermo Fisher said it had adjusted earnings of $2.08 per share. Analysts on average expected $2.02 per share, according to Thomson Reuters I/B/E/S.
The company now expects 2017 adjusted earnings of $9.12 to $9.28 per share, up from its earlier forecast of $9.06 to $9.24. That puts the new midpoint above Wall Street estimates of $9.17 per share.
Thermo Fisher also raised its full-year sales forecast and now expects revenue of $19.51 billion to $19.71 billion, up from its previous view of $19.38 billion to $19.62 billion.
The company said the boosted forecast reflects not only a solid first quarter but a more favorable foreign exchange environment and contributions from completed acquisitions.
Revenue for the first quarter rose 11 percent to $4.77 billion, exceeding estimates of $4.67 billion.
The analytical instruments unit saw sales jump 39 percent to $1.05 billion, reflecting the acquisition of FEI Co.
Sales for the life sciences division rose 12 percent to $1.36 billion, while specialty diagnostics and laboratory products and services both saw low single-digit percentage sales increases.
Reporting by Bill Berkrot; Editing by Shounak Dasgupta