NEW YORK (GenomeWeb News) - Thermo Fisher Scientific today reported an 8 percent increase in third-quarter revenues, to $2.59 billion from $2.4 billion in the third quarter of 2007.
Thermo said that currency translation contributed 1.5 percent to the reported increase, and acquisitions, net of divestitures, increased revenues by 3 percent.
Third-quarter revenues in the company’s Analytical Technologies segment grew 6 percent to $1.09 billion from $1.03 billion in the prior-year period. Revenues for the Laboratory Products and Services segment increased 10 percent to $1.61 billion from $1.46 billion year over year.
Thermo’s third-quarter R&D spending increased 5 percent to $61.8 million from $58.8 million; while SG&A expenses increased 6 percent to $548.7 million from $515.8 million in the third quarter of 2007.
Thermo's thid-quarter net income rose to $221.5 million, or $.51 per share, from $218.5 million, or $.49 per share, in the year-ago period.
Marijn Dekkers, president and CEO, said in a statement that Thermo experienced a “strong quarter, with good improvement year over year,” though he noted that the company “saw some softness in demand toward the end of the quarter.”
Dekkers said Thermo is “carefully managing our cost structure while continuing to invest in new technologies, markets and commercial capabilities that will drive future growth.”
This strategy, he said, should “put us in a better position than most to weather economic headwinds and build on our industry leadership.”
For full-year 2008, Thermo expects to generate between $10.45 billion and $10.55 billion in revenues, resulting in 7 percent to 8 percent growth over 2007.
As of Sept. 30, Thermo held $1.24 billion in cash and cash equivalents.