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Thermo Fisher Q3 profit up 11.4%; full-year outlook raised anew

Thermo Fisher Scientific Inc. said its third-quarter profit increased 11.4% and raised its revenue and earnings outlook for 2019 again.

The Waltham, Mass.-based medical-device maker booked third-quarter adjusted net income of $1.19 billion, or $2.94 per share, up from $1.07 billion, or $2.62 per share, in the year-ago period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was $2.89.

Revenues for the quarter grew 6% year over year to $6.27 billion from $5.92 billion. Research and development expenses were $247 million, a 2.9% increase from $240 million a year earlier.

On a GAAP basis, net income rose 7.2% to $760 million, or $1.88 per share, from $709 million, or $1.75 per share.

For the first nine months of 2019, Thermo Fisher said its adjusted net income reached $3.55 billion, or $8.80 per share, up 11.1% from $3.19 billion, or $7.87 per share, in the same year-ago period.

Revenues for the nine months ended Sept. 30 were $18.71 billion, a 4.8% increase from $17.85 billion, in 2018.

Nine-month GAAP net income came in at $2.69 billion, or $6.68 per share, up 32.1% from $2.04 billion, or $5.03 per share, a year earlier.

Thermo Fisher further raised its revenue and earnings guidance for the full year, citing its stronger operational performance and refinancing activities. The company slightly increased its revenue guidance in the range of $25.34 billion to $25.50 billion, from the prior outlook of $25.30 billion to $25.50 billion.

In addition, the medical-device maker expects adjusted EPS in the range of $12.28 to $12.34, reflecting a 10% to 11% growth year over year. The company previously estimated its adjusted EPS to be in the range of $12.16 to $12.26.

The S&P Global Market Intelligence consensus normalized EPS estimate for 2019 is $12.26.

Thermo Fisher Scientific provides instruments, equipment, software and services for life science research.