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The company's GAAP net income for the quarter was $221.2 million or $0.53 per share compared to $218.1 million or $0.50 per share in the year-ago quarter.
The GAAP net income included special items such as restructuring costs, amortization of acquisition related charges and provision for income taxes, to name a few.
Excluding items, the company's adjusted net income was $329.2 million or $0.78 per share, up from $328.2 million or $0.75 per share in the year-ago quarter. On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.76 per share. Analysts' estimates typically exclude special items.
Thermo Fisher's quarterly revenue decreased 2% to $2.53 billion from $2.58 billion in the comparable quarter last year as the economy continued to constrain the customers' spending on capital equipment. The revenue results reflect the impact of foreign currency translation, which lowered revenues by 2%, and acquisitions, which increased revenues by 2%, noted the company. Nevertheless, the company's revenue came ahead of analysts' revenue consensus estimate of $2.51 billion.
The company's Analytical Technologies segment logged in revenues of $1.02 billion in the third-quarter of 2009, reflecting a 6% decline from last year, while the Laboratory Products and Services segment generated revenues of $1.63 billion, representing 1% year-over-year growth.
Thermo Fisher's costs and operating expenses for the quarter declined to $2.25 billion from $2.30 billion in the year-ago quarter.
For the nine months ended September 26, 2009, the company's net income declined to $577 million or $1.36 per share from $693.9 million or $1.58 per share in the year-ago period.
The adjusted net income for nine months was $905.1 million or $2.14 per share, compared to $990.3 million or $2.26 per share in the year-ago period.
The company's revenue for nine months dropped to $7.27 billion from $7.85 billion in the comparable period last year.
Early this month, the company completed its previously announced acquisition of B.R.A.H.M.S. AG, a provider of specialty in-vitro diagnostic tests, for about $480 million. The acquisition is expected to be accretive to adjusted earnings per share in 2010.
Looking ahead, the company narrowed its adjusted earnings outlook for the year to range between $2.95 and $3.05 per share from its prior guidance of $2.85-$3.10 per share. The revised earnings forecast represents a 3% to 6% decline from the adjusted earnings of $3.13 per share reported in 2008.
Thermo Fisher also narrowed its annual revenue guidance to a range of $9.95 billion to $10.05 billion from its previous forecast of $9.80 billion and $10.10 billion. The revised outlook represents a 4% to 5% decline from last year's revenue of $10.50 billion.
Wall Street analysts have earnings estimate pegged at $3 per share and revenue estimate at $9.97 billion for 2009.
Commenting on the results, Marc Casper, president and CEO of Thermo Fisher Scientific said, "We're pleased that our third quarter results have continued our trend of improving revenue and operating performance as the year has progressed, keeping us firmly on track to meet our financial goals for 2009."
TMO, which has thus far hit a 52-week low of $26.65 and 52-week high of $48.22, closed Wednesday's trading at $47.31, up 0.15% on a volume of 6.93 million shares.
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