Thermo Fisher 3Q profit ticks up 1 percent

Thermo Fisher says profit rose on lower tax cost despite lower sales at both business units

• On 10:16 am EDT, Thursday October 22, 2009

WALTHAM, Mass. (AP) -- Scientific instrument maker Thermo Fisher Scientific Inc. said its profit rose 1 percent in the third quarter as it put less money aside to pay taxes.

For the quarter ended Sept. 26, Thermo Fisher said it earned $221.2 million, or 53 cents per share, compared with $218.1 million, or 50 cents per share, a year ago. Excluding one-time costs, Thermo Fisher reported a profit of 78 cents per share. Thomson Reuters says analysts were expecting 75 cents per share.

The company's revenue fell 2 percent, to $2.53 billion from $2.59 billion. Analytical technologies revenue slipped 6 percent to $1.02 billion, and laboratory products and services revenue edged up 1 percent to $1.63 billion. Wall Street had forecast $2.51 billion in total revenue.

Thermo Fisher's costs held relatively steady, but the company said it set aside $24.7 million for income taxes in the latest quarter, compared with $43.7 million a year ago.

Thermo Fisher also narrowed its profit and revenue forecasts for the year. Its views remained similar to analyst expectations.

In morning trading, shares fell 82 cents to $46.49, after hitting an annual high of $48.51 earlier in the session.