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Thermo Fisher Cuts Its Outlook For Second-Straight Quarter Amid Weakening Market
2023/10/26 10:10:22 Views£º373Original from: Investopedia
Shares of Thermo Fisher Scientific (TMO) slumped over 7% in early trading Wednesday after the maker of lab equipment and analytical instruments posted weaker-than-expected sales and cut its outlook for a second-straight quarter on slowing demand.
Thermo Fisher¡¯s third quarter fiscal 2023 revenue fell 1% from a year ago to $10.57 billion, just short of estimates. Earnings per share (EPS) of $5.69 exceeded forecasts.
The company indicated that ¡°the impact of the macroeconomic conditions that the industry has experienced through the year increased in the third quarter.¡± Thermo Fisher noted strength in its PPI (Practical Process Improvement) Business System and ¡°strong execution of our global team¡± for its profit gains.
CEO Marc Casper pointed to ¡°weaker market conditions¡± and said the company is working through a ¡°dynamic environment.¡± He added that Thermo Fisher¡¯s $3.1 billion purchase of Sweden-based biotech firm Olink earlier this month is an example of how Thermo Fisher is investing in the future.
However, the company also announced that it was slashing its full-year EPS to $21.50 on sales of $42.7 billion. In April, it predicted EPS of $23.70 with sales of $45.3 billion. It reduced that in July to forecasting EPS as high as $22.72 and sales totaling as much as $44 billion.
The news sent shares of Thermo Fisher Scientific to their lowest level in more than three years.
Source: Thermo Fisher Cuts Its Outlook For Second-Straight Quarter Amid Weakening Market
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