Thursday, October 22, 2009

Thermo Fisher Q3 revenue falls, net income up on cost cuts

By Julie M. Donnelly

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Thermo Fisher Scientific Inc., the Waltham-based instrumentation and research products company, is reporting that third-quarter earnings are down 2 percent across both of its core businesses. The analytical technologies segment fell 6 percent, while the laboratory products and services gained 1 percent.

The company did eek out a small Q3 profit gain on cost cutting. Thermo reported net income of $221.2 million on revenues of $2.53 billion in the third quarter of 2009, versus net income of $218.1 million on revenue of $2.59 billion.

The company expects that revenue for the year will be down 4 percent to 5 percent from 2008 levels.

The company narrowed its earnings guidance to $2.95 per share to $3.05 per share, altering its prior view of $2.85 per share to $3.10 per share.

Thermo Fisher announced in September that it had signed a deal to buy in-vitro diagnostics test firm Brahms AG for about $470 million. The German company is to operate as part of the Specialty Diagnostics unit of Thermo Fisher’s Analytical Technologies Segment.