By Dean Seal


Thermo Fisher Scientific's earnings rose in the fourth quarter despite lower revenue as margins expanded and costs eased.

The scientific-equipment company posted a profit of $1.63 billion, or $4.20 a share, compared with $1.58 billion, or $4.01 a share, in the same quarter a year ago.

Stripping out one-time items, adjusted earnings were $5.67. Analysts surveyed by FactSet had been expecting $5.64 a share.

Quarterly revenue fell to $10.89 billion from $11.45 billion last year, above analyst projections for $10.73 billion, according to FactSet.

Core revenue, which excludes Covid-19 testing revenue and the impacts of acquisitions, divestitures and foreign currency translation, was down 4% during the quarter, while cost of revenue declined nearly 5%.

The Waltham, Mass.-based company is expecting adjusted earnings of $20.95 to $22 a share in 2024, in line with 2023's $21.55 a share and current analyst forecasts for $21.76 a share, according to FactSet.

Revenue in 2024 is expected to come in at $42.1 billion to $43.3 billion, compared with $42.86 billion in 2023 and the consensus estimate of $42.83 billion from analysts polled by FactSet.


Write to Dean Seal at dean.seal@wsj.com


(END) Dow Jones Newswires

01-31-24 0633ET