Thermo Fisher Scientific Reports 2009 Second Quarter Results

Thermo Fisher Scientific has reported that revenues decreased 8% to $2.48 billion in the second quarter of 2009, compared with $2.71 billion in the 2008 quarter. GAAP diluted earnings per share were $0.49 in 2009, versus $0.56 in the year-ago period. GAAP operating income for the 2009 quarter was $259m, compared with $330m in 2008, and GAAP operating margin was 10.4%, compared with 12.2% a year ago. Net income for the company declined to $206.9m, compared to $246.1m for 2008 quarter.

Marijn Dekkers, president and chief executive officer of Thermo Fisher Scientific, said: “Although economic conditions remain difficult, we are pleased to report that our operating performance significantly improved over the first quarter of 2009. Sales of our consumables products returned to positive growth during the quarter, while economic pressures continued to constrain capital spending by our customers for instrumentation and equipment. In terms of profitability, the cost-reduction actions we began implementing late last year made a meaningful contribution to our strong margin improvement over the preceding quarter. We continue to leverage our strong balance sheet to take advantage of multiple opportunities for creating shareholder value.

“We are raising our annual revenue guidance to a range of $9.80 to $10.10 billion, primarily due to a more favorable foreign exchange climate at this point in the year and our acquisition of Biolab. This would lead to a 4% to 7% decline over our 2008 results. We are also raising the low end of our adjusted EPS guidance by $.05 to a range of $2.85 to $3.10 for the year, which would result in a 1% to 9% decline in adjusted EPS compared with our 2008 adjusted EPS of $3.13.”