NEW YORK, April 27 (GenomeWeb News) - Thermo Electron today reported a 7-percent increase in revenues and a 13-percent jump in earnings for the first quarter of 2005.
Revenues for the three month period ended March 31 grew to $559.2 million from $525 million during the same period in 2004. Most of this increase resulted from acquisitions, according to the company. Thermo's Life and Laboratory Sciences unit, which also sells mass spectrometers for proteomics, had $393.3 million in revenues, an 8-percent increase from $365.5 million during the year-ago quarter.
R&D expenses in the period almost doubled to $7.4 million from $3.8 million during last year's first quarter.
Thermo's net income for the quarter grew to $48.9 million, or $.30 per share, up from $43.1 million, or $.26 per share, during the same quarter last year.
As of April 2, Thermo had $351.6 million in cash and cash equivalents, and $177 million in short-term available-for-sale investments.