Thermo sees higher earnings
Thermo Fisher Scientific is doing better than expected, according to the first annual guidance issued since Massachusetts-based Thermo Electron acquired the Hampton-based Fisher Scientific.
The medical and laboratory products company announced Thursday that it will be raising its guidance for earnings per share in 2007 by 8 cents, to a range of $2.35 to $2.45 per share, based on revenues of $9.4 billion to $9.5 billion — an 8 percent increase over previous guidance for the two combined companies.
The guidance does include the favorable impact of the acquisitions as well as the unfavorable effects of divestitures needed to get the merger past the regulators.
Thermo, which bought Fisher Scientific in November for $10.6 billion, also expects 2006 adjusted earnings of between $1.83 and $1.86 per share – a few cents over Wall Street estimates — compared with previous guidance of $1.74 to $1.77 per share.
The company expects that it will meet estimates for the fourth quarter, at 53 cents per share.
While the headquarters of Thermo Fisher Scientific is in Waltham, Mass., the deal requires the company to maintain its facilities in Hampton for at least three years. – BOB SANDERS