By Dean Seal
Thermo Fisher Scientific Inc. reported an acquisitions-driven 7% jump in revenue in the fourth quarter, while earnings fell slightly as costs rose.
The scientific-equipment company posted a profit of $1.58 billion, or $4.01 a share, compared with $1.66 billion, or $4.17 a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were $5.40. Analysts polled by FactSet had been expecting $5.19 a share.
Revenue rose to $11.45 billion from $10.7 billion last year. Analysts had been expecting $10.43 billion, according to FactSet.
The Waltham, Mass.-based company said acquisitions contributed 14% growth to its top line, offsetting foreign currency fluctuations and a 3% drop in organic revenue. Covid-19 testing revenue fell 16% to $370 million during the quarter.
Cost of revenues climbed to $6.72 billion from $5.3 billion in the year-ago period.
Thermo Fisher's shares rose 2.4% to $583.75 in premarket trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
02-01-23 0649ET