In a remarkable first-quarter performance, Thermo Fisher Scientific (NYSE: TMO) exceeded Wall Street’s expectations with both earnings and revenue. The company’s adjusted earnings per share (EPS) reached $5.11, surpassing the estimated $4.71. Revenue for the quarter amounted to $10.34 billion, surpassing expectations of $10.16 billion. This impressive quarter was achieved despite a slight 3% decline in revenue compared to the same quarter last year, when revenue stood at $10.71 billion. Despite the revenue decline, Thermo Fisher’s adjusted EPS saw a 2% increase from the $5.03 reported in the first quarter of the previous year. GAAP diluted EPS also grew by 4% to $3.46, up from $3.32 in Q1 2023.
Chairman, President, and CEO Marc N. Casper expressed satisfaction with the company’s strong financial results, attributing the successful quarter to Thermo Fisher’s growth strategy and the PPI Business System. Casper highlighted the company’s commitment to customer success, strong commercial execution, and operational discipline as key factors positioning Thermo Fisher for differentiated performance in 2024.
Looking ahead, Thermo Fisher has raised its full-year guidance for 2024. The company now expects revenue to be between $42.3 billion and $43.3 billion, while adjusted EPS is anticipated to range from $21.14 to $22.02. The midpoint of the adjusted EPS guidance range, $21.58, is slightly above the consensus of $21.53. The midpoint of the revenue guidance, $42.8 billion, is below the consensus estimate of $42.83 billion.
Thermo Fisher’s proactive capital deployment in the first quarter was also notable. The company executed a $3.0 billion stock repurchase and announced an 11% dividend increase, reflecting its confidence in its financial strength and commitment to delivering shareholder value.
Thermo Fisher’s stellar first-quarter performance, characterized by a robust earnings and revenue beat, has set a positive tone for the company’s outlook in 2024. The company’s strong financial results, combined with its raised guidance and proactive capital deployment, indicate continued growth and success in the year ahead.
