Thermo Fisher Scientific Inc. reported above-consensus earnings and 18.3% revenue growth in the second quarter, while higher costs reduced its profit.
The scientific-equipment company posted net income of $1.66 billion, or $4.22 a share, compared with $1.83 billion, or $4.61 a share, a year earlier.
Stripping out one-time items, adjusted earnings were $5.51 a share. Analysts surveyed by FactSet had been expecting $4.99 a share.
Sales rose to $10.97 billion from $9.27 billion a year earlier. Analysts had been expecting $9.97 billion.
The Waltham, Mass.-based company said core organic sales grew by 13%, while Covid-19 testing added $630 million to the top line. Costs of sales rose to $6.24 billion, eating up 56.9% of revenue, compared with 49.4% a year earlier.
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