Thermo Fisher Beats Earnings

This morning, Thermo Fisher Scientific (TMO) reported Q4 earnings of $6.54 per share which was much more than Wall Street’s forecast of $5.27 per share. I said I was expecting a big earnings beat and I was right.

For the entire year, Thermo made $25.13 per share. That was an increase of 28% over 2020. Thermo’s revenue grew 22% to $39.21 billion. The company’s most recent guidance had been for $23.37 per share.

TMO’s quarterly revenue rose by 1% to $10.70 billion. The company had Covid revenue of $2.45 billion.

For 2022, Thermo sees revenue of $42 billion. Wall Street had been expecting $40.7 billion. The company sees 2022 earnings of $22.43 per share. Wall Street had been expecting $21.87 per share.

One other news item. The big jobs report is due out on Friday, but this morning we got a possible preview. ADP said that private payrolls fell by 301,000 last month. This was the first jobs loss since December 2020.

According to ADP, Omicron wreaked havoc on the jobs market. The leisure and hospitality sector lost 154,000 jobs. The jobs gain number for December was revised downward to 776,000.

Trade, transportation and utilities cut 62,000 while the other services category declined by 23,000.

Manufacturing also lost 21,000 positions, while education and health services reported a drawdown of 15,000 and construction fell by 10,000.
Service-providing industries were responsible for 274,000 of the job losses, with goods producers falling by 27,000.

“The labor market recovery took a step back at the start of 2022 due to the effect of the omicron variant and its significant, though likely temporary, impact to job growth,” ADP chief economist Nela Richardson said.

For Friday’s official government report, Wall Street expects to see a gain of 150,000 net new jobs.

Posted by on February 2nd, 2022 at 9:00 am


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