April 26, 2017 / 10:22 AM / 5 months ago

Thermo Fisher tops profit estimate, ups forecast

April 26 (Reuters) - Thermo Fisher Scientific Inc on Wednesday reported higher-than-expected first quarter profit on increased sales in all of its divisions and raised its full-year earnings and revenue forecasts.

The world’s largest maker of scientific instruments said net profit rose to $551.4 million, or $1.40 per share, from $402.2 million, or $1.01 per share, a year earlier.

Excluding special items, Thermo Fisher said it had adjusted earnings of $2.08 per share. Analysts on average expected $2.02 per share, according to Thomson Reuters I/B/E/S.

The company now expects 2017 adjusted earnings of $9.12 to $9.28 per share, up from its earlier forecast of $9.06 to $9.24. That puts the new midpoint above Wall Street estimates of $9.17 per share.

Thermo Fisher also raised its full-year sales forecast and now expects revenue of $19.51 billion to $19.71 billion, up from its previous view of $19.38 billion to $19.62 billion.

The company said the boosted forecast reflects not only a solid first quarter but a more favorable foreign exchange environment and contributions from completed acquisitions.

Revenue for the first quarter rose 11 percent to $4.77 billion, exceeding estimates of $4.67 billion.

The analytical instruments unit saw sales jump 39 percent to $1.05 billion, reflecting the acquisition of FEI Co.

Sales for the life sciences division rose 12 percent to $1.36 billion, while specialty diagnostics and laboratory products and services both saw low single-digit percentage sales increases. (Reporting by Bill Berkrot; Editing by Shounak Dasgupta)

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