NEW YORK (GenomeWeb News) – Thermo Fisher Scientific today reported that its third-quarter revenues declined 2 percent due to the negative impact of acquisitions and foreign currency translation.
The firm's net income, though, inched up around 1 percent as it posted lower costs for the quarter. The results beat analysts' estimates on both the top and bottom line.
Thermo Fisher brought in revenues of $2.53 billion for the three-month period ended Sept. 26, down from total revenues of $2.59 billion for the third quarter of 2008. Its Analytical Technologies segment had revenues of $1.02 billion, down from $1.09 billion for the comparable period a year ago, while its Laboratory Products and Services segment brought in revenues of $1.63 billion compared to $1.61 billion.
Analysts, on average, had expected the company to report revenues of $2.51 billion.
"In line with our expectations, the economy continued to constrain our customers' spending on capital equipment, while sales of consumables showed increasing strength," Thermo Fisher President and CEO Marc Casper said in a statement. He added that the firm is "firmly on track to meet our financial goals for 2009."
Thermo Fisher's net income for the quarter was $221.2 million, or $.53 per share, compared to net earnings of $218.1 million, or $.50 per share, for the third quarter of 2008. Lower costs helped push the firm's income higher. Its adjusted EPS of $.78 beat analysts' consensus estimate of $.76.
Its R&D spending fell to $60.5 million from $61.8 million year over year, while its SG&A expenses declined slightly to $544.4 million from $548.7 million. Thermo Fisher's amortization of acquisition-related intangible assets fell to $148.2 million from $152 million, and its restructuring charges dropped to $13.1 million from $15.4 million year over year.
Thermo Fisher finished the quarter with $1.75 billion in cash and cash equivalents.