April 25, 2018 / 10:16 AM / a year ago

Thermo Fisher raises 2018 forecast; first quarter profit beats

(Reuters) - Thermo Fisher Scientific Inc (TMO.N), the world’s largest maker of scientific instruments, reported higher-than-expected first-quarter profit and revenue on Wednesday, and raised its full-year forecast to reflect the strong start to the year.

While producers of healthcare materials and instruments are keeping a wary eye on Amazon’s gradual expansion into the sector, another major player, Illumina Inc (ILMN.O), also reported first-quarter results that sailed past Wall Street estimates on Tuesday.

Thermo Fisher raised 2018 adjusted earnings per share forecast to a range of $10.80 to $10.96 from the previous $10.68 to $10.88 range.

The company now expects revenue between $23.62 billion to $23.86 billion, higher than the previous forecast of $23.42 billion to $23.72 billion.

Analysts on average were expecting full-year earnings per share of $10.84 and revenue of $23.59 billion, according to Thomson Reuters data.

A higher-than-expected boost from acquisitions, including the $5.2 billion purchase of Patheon last year, and a more favorable foreign exchange environment led to the forecast raise, the company said.

Thermo Fisher’s net profit climbed to $579 million, or $1.43 per share for the quarter ended March 31, from $551 million, or $1.40 per share, a year earlier.

Excluding special items, the company reported adjusted earnings of $2.50 a share, surpassing analyst estimate of $2.40 per share.

Aided by a hefty contribution from recent acquisitions, revenue jumped 23 percent to $5.85 billion, topping Wall Street estimate of $5.63 billion.

The company saw particular strength from its business in large Asian markets.

“We continued to leverage our industry-leading scale to deliver another great quarter in emerging and high-growth regions, with double-digit growth in China, India and South Korea,” Chief Executive Marc Casper said in a statement.

Reporting by Bill Berkrot; Editing by Amrutha Gayathri

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