NEW YORK, Oct. 23-Lab equipment manufacturer Thermo Electron reported slightly higher revenues and increased earnings per share for the third quarter of 2002.
The company said yesterday that its revenues climbed to $517 million in the third quarter, up from $513 million in the same quarter of 2001. Taking into account currency effects and the impact of acquisitions and divestitures, though, the company's "organic" revenues actually declined by 2 percent.
"To date, we've not seen the kind of turnaround we were hoping to see in the economy," said company chair and CEO Dick Syron in a conference call today.
Organic revenues for the Life and Laboratory Sciences division were $282 million for the quarter, up 3 percent from the third quarter in 2001. Orders for mass spectrometers and gas chromatography systems drove the growth, while the market for sample preparation products was "difficult," the company said.
"There are scattered signs of places where there are improvement throughout our product line, but there has been no broad based economic improvement as it affects our business," Syron said.
Growth was basically flat in the United States, up slightly in Asian markets and weakest in Europe, he added.
R&D expenses declined from $42 million in the third quarter of 2001 to $37.6 million in Q3 of this year.
Thermo Electron reported GAAP diluted earnings per share of $.23, up from the equivalent of about $.19 during the third quarter of the previous year.
The company did not offer detailed guidance for its performance in 2003.