* Q2 adjusted EPS $1.22 vs Street view $1.16
* Raises 2012 adj EPS forecast to $4.74 to $4.84/shr
* Shares rise 6.8 percent (Adds comments, trading)
By Bill Berkrot
July 25 (Reuters) - Thermo Fisher Scientific Inc reported second-quarter earnings on Wednesday that exceeded Wall Street expectations, helped by double-digit growth in specialty diagnostics sales, and the company slightly raised its full-year earnings forecast.
Shares of the laboratory equipment maker jumped nearly 7 percent in morning trading as investors cheered Thermo’s ability to withstand weakness in Europe and uncertainty in academic and government business, and still hike its forecast for the year.
“Numbers actually came up, which is unusual given the current environment. I think people were decidedly more pessimistic of what that could look like,” said ISI Group analyst Ross Muken.
Excluding items such as acquisition-related costs, the industry leader earned an adjusted profit of $1.22 per share. Analysts on average expected $1.16, according to Thomson Reuters I/B/E/S.
“Relative to expectations, this was probably their best performance versus peers in quite a while,” Muken said. “As a whole, their ability to protect the top line and protect the bottom line has just been superior to what we’ve seen from the peer group.”
Helped by acquisitions, Thermo forecast full-year adjusted earnings of $4.74 to $4.84 per share, up from its prior outlook of $4.71 to $4.83.
Reflecting the sale of its laboratory workstations business and difficult foreign exchange rates that crimp overseas sales, Thermo lowered its full-year revenue forecast to a range of $12.14 billion to $12.26 billion. It had previously expected $12.27 billion to $12.43 billion.
Analysts on average expect adjusted earnings of $4.79 a share on revenue of $12.33 billion for 2012.
Net income fell to $233.8 million, or 63 cents per share, from $523.4 million, or $1.36 per share, a year earlier, when the company recorded gains from the sale of businesses.
Revenue for the quarter rose 9 percent to $3.11 billion, roughly in line with Wall Street estimates. After adjusting for the impact of foreign currency rates and an acquisition, Thermo said organic revenue growth was 4 percent.
Analytical technologies sales rose 8 percent to $1 billion, while specialty diagnostics sales jumped 28 percent to $732 million.
Growth was slower for the company’s largest division; laboratory products and services sales rose 2 percent to $1.52 billion.
Thermo Fisher shares were up $3.39, or 6.8 percent, at $53.17 in late morning trading on the New York Stock Exchange. (Editing by Lisa Von Ahn and Bernadette Baum)