Thermo Approves $4 Billion Buyback

Thermo Fisher Scientific (TMO) is having a good day. The shares are currently up more than 4%. Yesterday, the company said its board has “authorized the repurchase of $4 billion of shares of its common stock in the open market or in negotiated transactions.” The authorization has no expiration date.

This comes on the heels on another good earnings report. Two weeks ago, TMO said it made $5.08 per share for its Q3. That beat the Street by 27 cents per share. Q3 revenue was $10.68 billion, which includes $440 million in Covid testing.

Thermo also increased its full-year guidance by eight cents to $23.01 per share. The company raised its revenue guidance by $650 million to $43.8 billion. That works out to 12% revenue growth over 2021.

Posted by on November 11th, 2022 at 11:09 am


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