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Thermo Shares Up 8.2 Percent on Strong Q3 Revenue, Income Growth

NEW YORK, Oct. 27 (GenomeWeb News) - Shares in Thermo Electron were trading up 8.2 percent at $27.78 in afternoon trade after posting strong gains in third-quarter revenue and net income yesterday.


Strong sales in its Life and Laboratory Sciences segment cause third-quarter revenue to increase 21 percent to $542.3 million from $448.6 million during the same period last year.


The company's Life and Laboratory Sciences unit, which includes mass spectrometry systems for proteomics research, booked $383.2 million in revenues--almost a third above the $301.8 million it took in during the same period last year. Revenues for the Measurement and Control unit increased to $159.1 million, from $145.6 million last year.


R&D expenses increased slightly, to $32.9 million from $30.4 million during the year-ago quarter.


Third-quarter earnings jumped to $106.5 million, or $.66 per basic share, from $48.5 million, or $.30 per basic share, for the year-ago period. This increase included a gain of $.40 per basic share from discontinued operations, primarily from the sale of its Spectra-Physics business, and tax benefits from another business sold previously.


Earnings per share from continuing operations totaled $.26 per share for the quarter, up from $.24 per share during last year's third quarter.


As of Oct. 2, Thermo had $335.7 million in cash and cash equivalents, and $90.2 million in short-term available-for-sale investments.

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