Thermo Fisher's profit easily tops Street expectations
Jan 31 (Reuters) - Thermo Fisher Scientific Inc, the world's largest maker of scientific instruments, on Wednesday reported fourth-quarter profit that sailed past Wall Street expectations as all four business units recorded double-digit sales growth.
The company said net profit fell to $528 million, or $1.30 per share, from a profit of $630 million, or $1.59 per share, a year ago, due to a $204 million charge related to U.S. tax reform.
Excluding items, it earned $2.79 per share. Analysts on average expected $2.66 per share, according to Thomson Reuters I/B/E/S.
Revenue for the quarter rose 22 percent to $6.05 billion, exceeding Wall Street estimates of $5.7 billion.
Thermo Fisher also said it will spend $34 million on one-time $500 bonuses for each of its 68,000 eligible non-executive employees and another $16 million for philanthropic activities and to accelerate key research and development programs.
The combined $50 million comes from a benefit the company realized as a result of U.S. tax reform.
It also increased its quarterly dividend to 17 cents per share from 15 cents.
Thermo Fisher said it would provide a 2018 earnings forecast on a conference call later on Wednesday. Analysts are estimating 2018 earnings of $10.63 per share and revenue of $23 billion, according to Thomson Reuters data. (Reporting by Bill Berkrot; Editing by Supriya Kurane)
