⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

Thermo Fisher falls as 2024 guidance trails analyst estimates

Published 01/31/2024, 07:54 PM
© Reuters.
TMO
-

Thermo Fisher Scientific Inc. (NYSE:TMO) offered softer-than-expected guidance for the full 2024 fiscal year.

As a result, the company’s stock slipped 2% in pre-open Wednesday.

For Q4, the adjusted EPS stood at $5.67, an increase from $5.40 year-over-year (YoY), and slightly above the consensus estimate of $5.64.

However, the company experienced a 4.9% decrease in revenue annually to $10.89 billion, which was still higher than the estimated $10.73 billion.

In the breakdown of revenues, the Lab Products & Services segment brought in $5.72 billion, marking a 3.8% decrease YoY, and falling short of the $5.83 billion estimate.

TMO said the foreign currency impact on sales was 1%, compared to a 4% decrease YoY, and was above the estimate of 0.5%.

The adjusted operating margin improved to 23.4% from 22.4% y/y, although it was below the estimated 24.1%.

“We delivered differentiated performance in 2023 and enabled our customers’ success. We effectively navigated the challenging macroeconomic conditions by leveraging our PPI Business System to deliver strong financial results,” said Marc N. Casper, chairman, president and chief executive officer of Thermo Fisher Scientific.

“Our proven growth strategy, capital deployment approach, and PPI Business System, continue to position our company for an even brighter future.”

Looking ahead, Thermo Fisher has introduced its full-year 2024 guidance, projecting revenues to be between $42.1 billion and $43.3 billion, and an adjusted EPS in the range of $20.95 to $22.00.

Analysts were looking for FY revenue of $42.93 billion and adjusted EPS of $22.04.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.