Please wait while we load the requested 10-K report or click the link below:
https://last10k.com/sec-filings/report/97745/000009774509000011/tmok08.htm
Exhibit 99.1
|
FOR
IMMEDIATE RELEASE
|
||
|
Media
Contact Information:
Vaughn
Harring
|
Investor
Contact Information:
Ken
Apicerno
|
|
|
Phone:
781-622-1242
|
Phone:
781-622-1294
|
|
|
E-mail:
vaughn.harring@thermofisher.com
|
E-mail:
ken.apicerno@thermofisher.com
|
|
|
Website:
www.thermofisher.com
|
Thermo
Fisher Scientific Reports Record 2008 Fourth Quarter Results from Continuing
Operations; Provides Guidance for 2009
WALTHAM,
Mass. (February 4, 2009) – Thermo Fisher Scientific Inc. (NYSE: TMO), the world
leader in serving science, reported that revenues increased 1% to a record $2.65
billion in the fourth quarter of 2008, compared with $2.62 billion in the 2007
quarter. The quarterly revenue growth reflects the negative impact of currency
translation, which lowered revenues by 4%, offset by the positive effect of
acquisitions, net of divestitures, which increased revenues by 1%. GAAP diluted
earnings per share (EPS) were $0.68 in 2008, versus $0.54 in the year-ago
period. GAAP operating income for the 2008 quarter was $322.5 million, compared
with $285.0 million in 2007, and GAAP operating margin was 12.2%, compared with
10.9% a year ago.
Adjusted
EPS grew 16% to $0.88 in the fourth quarter of 2008, versus $0.76 in the 2007
quarter. Adjusted operating income for the 2008 quarter increased 9% versus 2007
results, and adjusted operating margin expanded 140 basis points to 18.6%,
compared with adjusted operating margin of 17.2% in the 2007
period.
For the
full year, revenues grew 8% to a record $10.50 billion in 2008, compared with
2007 revenues of $9.75 billion. Currency translation increased revenues by 1%,
and acquisitions, net of divestitures, increased revenues by 2%. GAAP diluted
EPS was $2.29 in 2008, versus $1.72 in 2007. GAAP operating income in 2008 was
$1.23 billion, compared with $974.4 million a year ago, and GAAP operating
margin was 11.7% in 2008, compared with 10.0% in 2007. Full-year adjusted EPS
grew 19% to $3.16 in 2008, versus $2.65 in 2007. Adjusted operating income for
2008 increased 14% over 2007 results, and adjusted operating margin expanded 100
basis points to 17.8%, compared with adjusted operating margin of 16.8% in
2007.
Adjusted
EPS, adjusted operating income, adjusted operating margin and free cash flow are
non-GAAP measures that exclude certain items detailed later in this press
release under the heading “Use of Non-GAAP Financial Measures.”
Full-Year
Highlights
|
·
|
Revenues
grew 8% to a record $10.50 billion
|
|
·
|
Adjusted
EPS rose 19%
|
|
·
|
Adjusted
operating income increased 14%
|
|
·
|
Adjusted
operating margin expanded 100 basis
points
|
|
·
|
Generated
$1.2 billion of free cash flow
|
|
·
|
Leveraged
approximately $250 million in R&D spending to launch innovative new
products
|
|
·
|
Continued
significant investment in Asia to expand offerings for analytical,
environmental and biopharma markets
|
|
·
|
Completed
strategic acquisitions that added approximately $120 million in annualized
revenues
|
“We are
pleased to report very solid financial results for both the fourth quarter and
the full year in spite of the economic headwinds that continue to put pressure
on capital spending in some of our end markets,” said Marijn E. Dekkers,
president and chief executive officer of Thermo Fisher Scientific. “Our
performance is largely the result of our favorable product mix, with two-thirds
of our revenues coming from recurring sales of consumables and services that
tend to hold up better in an uncertain environment. I also applaud the
tremendous effort of our employees – their intensity in achieving our goals
allowed us to deliver a strong 2008 across the board. We finished the year with
8% revenue growth, for record top-line results. At the same time, we were able
to expand adjusted operating margins by 100 basis points, which led to 19%
growth in our adjusted EPS. In addition, we strengthened our balance sheet and
generated $1.2 billion of free cash flow for the year.”
Dekkers
added, “Looking to 2009, the economic climate will likely continue to restrain
capital budgets, especially through the first half of the year. Based on that
assumption, and a negative impact of approximately 4% from foreign exchange, we
expect to achieve 2009 revenues of $10.0 to $10.3 billion, or a 2 to 5 % decline
compared with 2008.
“We
expect adjusted EPS for 2009 to be in the range of $3.00 to $3.30. This factors
in a $.15 foreign exchange headwind and a $.03 reduction resulting from non-cash
interest expense associated with the new convertible debt accounting rule that
takes effect in the first quarter. Our 2009 adjusted EPS estimate would lead to
a growth range of negative 4% to positive 5% versus 2008 after applying a $.03
reduction to 2008 for the new accounting rule. Our estimates for 2009 reflect
our continued investment in opportunities that will drive growth and position us
to emerge from this recession an even stronger industry leader.” (The 2009
guidance does not include any future acquisitions or divestitures, and is based
on present currency exchange rates. In addition, the adjusted EPS estimate
excludes amortization expense for acquisition-related intangible assets and
certain other items detailed later in this press release under the heading “Use
of Non-GAAP Financial Measures.”)
Management
uses adjusted operating results to monitor and evaluate performance of the
company’s business segments.
Analytical
Technologies Segment
Revenues
in the Analytical Technologies Segment declined 1% in the fourth quarter of 2008
to $1.14 billion, compared with 2007 revenues of $1.15 billion. Adjusted
operating income increased 6% in the fourth quarter of 2008, and adjusted
operating margin rose to 22.4%, versus 2007 results of 20.9%.
For the
full year, revenues grew 7% in the Analytical Technologies Segment to $4.47
billion in 2008, compared with $4.18 billion in 2007. Adjusted operating income
for the segment grew 16% in 2008, and adjusted operating margin increased to
21.4%, versus 19.7% a year ago.
Laboratory
Products and Services Segment
In the
Laboratory Products and Services Segment, revenues grew 3% in the fourth quarter
of 2008 to $1.62 billion, compared with 2007 revenues of $1.57 billion. Adjusted
operating income increased 12% in the fourth quarter of 2008, and adjusted
operating margin rose to 14.7%, versus 2007 results of 13.6%.
For the
full year, the Laboratory Products and Services Segment reported a 9% increase
in revenues to $6.45 billion in 2008, compared with $5.91 billion in 2007.
Adjusted operating income for the segment grew 12% in 2008, and adjusted
operating margin increased to 14.1%, versus 13.7% a year ago.
The following information was filed by Thermo Fisher Scientific Inc. (TMO) on Wednesday, February 4, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Thermo Fisher Scientific Inc.'s financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Thermo Fisher Scientific Inc..
Material Contracts, Statements, Certifications & more
Thermo Fisher Scientific Inc. provided additional information to their SEC Filing as exhibits
SEC Filing Exhibit
PDF Download
Loading SEC Filing Exhibit...
Ticker: TMO
CIK: 97745
Form Type: 10-K Annual Report
Accession Number: 0000097745-09-000011
Submitted to the SEC: Fri Feb 27 2009 1:23:17 PM EST
Accepted by the SEC: Fri Feb 27 2009
Period: Wednesday, December 31, 2008
Industry: Measuring And Controlling Devices
External Resources:
Insider Transactions
Stock Quote
Social Media
Bookmark the Permalink: https://last10k.com/sec-filings/tmo/0000097745-09-000011.htm
