5 Stocks That Beat Profit Expectations

3. Thermo Fisher Scientific Inc. (NYSE:TMO)

Number of Hedge Fund Holders: 87

Shares of Thermo Fisher Scientific Inc. (NYSE:TMO) made a new 52-week high of $625.99 after announcing its third-quarter profit and sales above expectations. The maker of scientific equipment reported adjusted earnings of $5.76 per share on revenue of $9.33 billion.

Analysts were looking for earnings of $4.68 per share on revenue of $8.38 billion. The results were also better than adjusted earnings of $5.63 per share on revenue of $8.52 Thermo Fisher Scientific Inc. (NYSE:TMO) posted in the comparable period of 2020.

If we look at the performance of its flagship segments, revenue from the life sciences solutions segment rose nine percent to $3.72 billion, revenue from the analytical instruments segment jumped 11 percent to $1.48 billion, while revenue from the laboratory products and services segment increased 12 percent to $3.49 billion in the quarter. In comparison, revenue from the specialty diagnostics segment came in at $1.36 billion, down from $1.43 billion in the year-ago quarter.

Thermo Fisher Scientific Inc. (NYSE:TMO) also raised its financial outlook for the full year. The company now expects adjusted earnings of about $23.37 on revenue of approx. $37.1 billion. The updated guidance is above analysts’ average estimate of $22.21 per share for earnings and $36.1 billion for revenue.