Thermo Fisher’s Q1 profit down 35%

Thermo Fisher’s Q1 profit down 35%
Boston Business Journal - by Julie M. Donnelly
Thursday, April 23, 2009

Thermo Fisher Scientific’s first quarter net income is off 35 percent, down to $148.9 million from $229.7 million during the same period last year. The Waltham, Mass.-based scientific instrument company is reporting its revenue for the first quarter was down 12 percent to $2.26 billion from $2.55 billion during the same period last year.
Thermo Fisher Scientific (NYSE: TMO) blamed the negative impact of currency exchange rates for 5 percent of the revenue loss, and said the rest was due to customers delaying purchasing of scientific equipment during the economic downturn.
The company has lowered its overall revenue guidance to between $9.6 and $9.9 billion, down $400 million from its previous forecast. Company officials said Thermo Fisher is focused on a combination of cost-cutting and strategic investment to improve its balance sheet.
Thermo Fisher’s stock sunk over 8 percent on the news, trading at $32.25 in mid-afternoon trading on Thursday, down from $35.19 at the previous day’s close.