Thermo Fisher Scientific Inc (TMO.N), the world’s largest maker of scientific instruments, reported a better-than-expected quarterly profit, helped by lower costs and strength in its life sciences unit.
The company also raised its revenue and profit forecast for the full year on Wednesday to reflect “current foreign currency exchange rates and strong operating performance”.
Thermo Fisher had in April trimmed its full-year revenue forecast, citing adverse foreign exchange rates.
A 9 percent rise in the dollar .DXY in the first quarter crimped revenue at almost all U.S. companies with international businesses, leading to conservative forecasts for the rest of the year.
The currency fell 3 percent in the three months ended June.
Thermo Fisher said it now expects 2015 revenue to be in the range of $16.72 billion-$16.86 billion. The company in April forecast revenue of $16.67 billion-$16.83 billion.
The company raised its adjusted profit forecast to $7.28-$7.41 per share, from $7.25-$7.40.
Analysts on average were expecting a profit of $7.35 per share on revenue of $16.75 billion, according to Thomson Reuters I/B/E/S.
Net income rose to $511.6 million, or $1.27 per share, in the second quarter ended June 27, from $278.5 million, or 69 cents per share, a year earlier.
Costs and operating expenses fell 7.5 percent to $3.68 billion.
On an adjusted basis, the company earned $1.84 per share, above the average analyst estimate of $1.78.
Revenue fell 1.2 percent to $4.27 billion, but beat the average analyst estimate of $4.17 billion.
Life sciences solutions unit revenue rose 2.4 percent to $1.13 billion.
(Reporting by Ankur Banerjee in Bengaluru; Editing by Sriraj Kalluvila)