Fisher Scientific Q3 goes from strength to strength

By Wai Lang Chu

- Last updated on GMT

Related tags: Cent, Chief executive officer, European commission, Revenue

Fresh from Thermo's $10.4bn (€8.3bn) acquisition of the scientific
equipment and instrument specialists, Fisher Scientific posted
strong third quarter results that showed a profit rise of 62 per
cent coupled with an 11 per cent increase in revenue.

The increase from last year's performance was attributed to Fisher's scientific-research and healthcare units, which have continued to demonstrate solid returns on investments.

The Hampton-based company stated third quarter net income for as $151.8m compared to $93.5m for the same period during 2005.

Income from continuing operations totalled $149.3m, up 37 per cent from 2005's figure of $94.3m.

This figure factored in an income from continuing operations, which included $2m in acquisition and integration costs, $0.7m of restructuring expense, $7.8m of gain on the sale of investments, and $8.3m of equity-based compensation expense.

Speaking about Fisher Scientific third quarter sales increase of 10.8 per cent to $1.51bn (2005: $1.36bn), Paul Montrone, chairman and chief executive officer said: "We reported a record quarter, with sales, earnings and operating income reaching new highs."

"Our financial results reflect the continued strength of our company and the successful execution of our strategy."

Fisher Scientifics' business segment results made for impressive reading as sales in its Scientific Products and Services sector increased 9.9 per cent to $1.17bn in the third quarter from $1.06bn a year ago.

Sales of Healthcare Products and Services rose 14 per cent to $362.1m from $317.5m last year.

In May, Fisher Scientific agreed to be bought by Thermo Electron in a $10.6bn stock deal, which had already been granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act by the US Federal Trade Commission.

Subject to European Commission approval on November 9, the company expects to complete the merger on that date.

In the future, the company said it now expects total sales growth, excluding the translation effect of foreign exchange, of about 10 per cent, down from its prior forecast of 9 per cent to 11 per cent.

Related topics: Preclinical Research

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