Thermo Fisher stock drops after company trims full-year outlook

Thermo Fisher Scientific Inc.
TMO,
-1.14%
shares fell more than 5% premarket on Wednesday after the medical device and lab equipment maker trimmed its full-year earnings and revenue guidance. “The macroeconomic environment became more challenging in the second quarter,” CEO Marc Casper said in a statement, as economic activity in China slowed and businesses across the economy became more cautious in their spending. The company said Wednesday that it now expects 2023 adjusted earnings per share in the range of $22.28 to $22.72, versus prior guidance of $23.70, and revenue of $43.4 billion to $44 billion, compared with previous guidance of $45.3 billion. Thermo Fisher reported second quarter net income of $1.36 billion, or $3.51 per share, down from $1.67 billion, or $4.22 per share, in the year-earlier period. Adjusted earnings per share came to $5.15 in the second quarter, down from $5.51 in the year-earlier period and below the FactSet consensus of $5.43. The company reported second-quarter revenues of $10.69 billion, versus $10.97 billion a year earlier and below the FactSet consensus of $10.99 billion.