WALTHAM, Mass., Oct. 25 /PRNewswire-FirstCall/ -- Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, reported that revenues increased to a record $2.40 billion in the third quarter of 2007 (largely as a result of the November 2006 merger with Fisher Scientific), compared with $725 million in the 2006 quarter. GAAP diluted earnings per share (EPS) were $.49 in 2007, versus $.30 in the year-ago period, including a one-time favorable $.05 per share adjustment to the 2007 GAAP tax rate. GAAP operating income for the 2007 quarter was $254 million, compared with $75 million in 2006, and GAAP operating margin was 10.6%, compared with 10.4% a year ago.
Adjusted EPS grew 48% to $.65 in the third quarter of 2007, versus $.44 in the 2006 quarter. For a better year-to-year comparison of the company's operating performance, we are presenting our revenues and adjusted operating results on a pro forma basis, as if Thermo and Fisher had been combined for all of 2006. Third quarter revenues grew 7% over pro forma 2006 revenues of $2.24 billion. Currency translation increased revenues by 2% and there was no material effect from acquisitions, net of divestitures. Adjusted operating income for the quarter increased 17% over pro forma 2006 results, and adjusted operating margin expanded 150 basis points to 16.9%, compared with pro forma adjusted operating margin of 15.4% in the 2006 period. Adjusted EPS, adjusted operating income and adjusted operating margin are non-GAAP measures that exclude certain items detailed later in this press release under the heading "Use of Non-GAAP Financial Measures."
Third Quarter Highlights
-- Revenues grew 7% over pro forma 2006
-- Adjusted EPS rose 48%<
|SOURCE Thermo Fisher Scientific Inc.|
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