NEW YORK, April 28 (GenomeWeb News) - Thermo Electron yesterday reported increased revenues and earnings for the first quarter.
Revenues for the quarter were $582 million, up from $500.2 million during the same period last year. The Life and Laboratory Sciences segment, which includes mass spectrometers for proteomics, reported $365 million in revenues, up from $299 during the year-ago period. Thermo attributed the revenue growth in this segment mainly to strong sales of mass spectrometry and spectroscopy instruments.
Research and development expenses climbed slightly, to $39.8 million, from $37.3 million during last year's first quarter.
Earnings for the quarter were $43.1 million, or $.26 per share, up from $36.4 million, or $.22 per share, during the year-ago period.
As of April 3, Thermo had $353 million in cash and cash equivalents, and $91 million in short-term investments.