Thermo Fisher Scientific, the life-sciences and laboratory equipment company based in Waltham, Massachusets, experienced a decline in profit during the second quarter as a result of the economic slowdown in China and cautious spending from customers.
Decreased Net Income
In comparison to the same period last year, Thermo Fisher Scientific’s net income dropped from $1.66 billion ($4.22 per share) to $1.36 billion ($3.51 per share).
Adjusted Earnings Per Share
When excluding one-time items, the adjusted earnings per share for the company amounted to $5.15. This figure fell short of analysts’ expectations, as they had predicted adjusted earnings per share of $5.43.
Thermo Fisher Scientific also experienced a 2.6% decrease in revenue, reaching $10.69 billion for the quarter. Analysts had anticipated higher revenue of $10.99 billion.
Economic Challenges in China
According to Marc Casper, chairman, president, and chief executive officer of Thermo Fisher Scientific, the second quarter presented a more challenging macroeconomic environment. The slowdown in economic activity in China and a general sense of caution among businesses influenced this trend.