Early Wednesday, Thermo Fisher Scientific (TMO) reported adjusted earnings of $5.69 per share on $10.57 billion in third-quarter sales. In response, TMO stock slumped.
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Analysts surveyed by FactSet expected the medical equipment supplier to earn $5.61 per share and report $10.6 billion in sales.
During the year-earlier period, Thermo Fisher earned $5.08 per share on $10.68 billion in sales.
For the second time this year, Thermo Fisher cut its 2023 outlook. Now, the company expects to earn an adjusted $21.50 per share on $42.7 billion in sales. TMO stock analysts forecasted earnings of $22.27 per share and $43.5 billion in sales.
In premarket trading on the stock market today, TMO stock fell 1.5% near 451.50. Shares have trended lower since early September.
More to follow.
Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.
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