Thermo Fisher Jumps on Earnings, Revenue Beat
2022.04.28 18:27
By Sam Boughedda
Investing.com — Thermo Fisher Scientific Inc (NYSE:TMO) stock jumped Thursday after its earnings report for the first quarter revealed earnings and revenue surpassed forecasts.
The company reported adjusted earnings per share for the first quarter of $7.25 on revenue of $11.82 billion, beating estimates of $6.22 per share on revenue of $10.7 billion.
The company’s earnings beat was boosted by Covid testing revenue during the quarter, which came in at $1.68 billion.
Marc Casper, chairman, president, and chief executive officer of Thermo Fisher Scientific, described the quarter as another of excellent performance.
“We started the year with great momentum, executing our proven growth strategy and continuing to be a trusted partner for our customers. Our PPD clinical research business is performing very well, the integration is going smoothly and we are even more excited about the opportunities we have to further enable the success of our pharma and biotech customers,” he added.
Thermo Fisher stock is currently up 6.4%.
