Thermo Fisher Scientific Reports Lower Profit in Q2

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.

Declining Revenue

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.

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