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Thermo Electron s Revenue Climbs 24 Percent in Q2, Though Profit Slides 34 Percent

NEW YORK, July 27 (GenomeWeb News) - Thermo Electron today reported increased revenues but reduced earnings for the second quarter of 2005.

 

Total revenues for the quarter were $653.6 million, up 24% over revenues during the same period last year, which were $525.3 million. Fifteen percent of this revenue growth was due to acquisitions. The company's life and laboratory sciences unit recorded $487 million in revenues, up a third over $370 million during the year-ago period.

 

Research and development costs were $39.4 million, up from $32.6 million during the same quarter last year.

 

Thermo's net income fell 44 percent to $60.2 million, or $.37 per share, from $91.1 million, or $.54 per share, during the year-ago period. Last year's second quarter included a gain of $.24 per share from discontinued operations.

 

As of July 2, Thermo had $159.7 million in cash and cash equivalents, and $11.1 million in short-term available-for-sale investments.