Thermo Fisher Scientific Inc. Q2 FY2024 results: revenue $10.5 billion, down 1.4% on the year

Thermo Fisher Scientific Inc. (TMO) reported revenue of $10.5 billion for Q2 FY2024, the quarter ended 29 June 2024, down 1.4% on the same quarter a year earlier. Net income was $1.5 billion, up 13.7% on the year, and diluted earnings per share $4.04. The figures are the company's own, from the 10-Q it filed with the SEC on 2 August 2024.

Revenue$10.5 billiondown 1.4%

Net income$1.5 billionup 13.7%

Diluted EPS$4.04

QuarterQ2 FY2024ended 29 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	10,541	10,345	n/a	n/a
Research and development	339	331	n/a	n/a
Selling, general and administrative	2,111	2,183	n/a	n/a
Operating income	1,820	1,663	n/a	n/a
Operating margin	17.3%	16.1%	n/a
Interest expense	354	363	n/a	n/a
Pre-tax income	1,765	1,589	n/a	n/a
Income tax	128	281	n/a	n/a
Effective tax rate	7.3%	17.7%	n/a
Net income	1,548	1,328	n/a	n/a
Net margin	14.7%	12.8%	n/a
Diluted EPS	$4.04	$3.46	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	1,960	1,251	n/a	n/a
Capital expenditure	301	347	n/a	n/a
Free cash flow	1,659	904	n/a	n/a
Free cash flow margin	15.7%	8.7%	n/a
Depreciation and amortisation	791	836	n/a	n/a
Share-based compensation	84.0	70.0	n/a	n/a
Buybacks	0.0	3,000	n/a	n/a
Dividends paid	149	135	n/a	n/a
Dividend per share	$0.39	$0.39	n/a	n/a
Diluted shares, weighted	383m	384m	n/a	n/a
Shares outstanding at period end	382m	382m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	98,496	97,095	n/a	n/a
Cash and equivalents	7,073	5,499	n/a	n/a
Receivables	7,943	7,931	n/a	n/a
Inventory	5,198	5,133	n/a	n/a
Goodwill	43,843	43,843	n/a	n/a
Long-term debt	35,197	35,393	n/a	n/a
Long-term debt including finance leases	30,284	31,157	n/a	n/a
Borrowings, as the company tags them	35,481	35,687	n/a	n/a
Shareholders' equity	47,432	45,516	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	10,574	10,886	10,345	10,541	10,598	11,395	10,364	10,855	11,122	12,215	11,005	11,994
R&D	319	327	331	339	346	374	342	352	346	357	336	364
SG&A	2,049	2,132	2,183	2,111	2,098	2,203	2,078	2,140	2,162	2,352	2,181	2,333
Operating income	1,864	1,854	1,663	1,820	1,838	2,016	1,716	1,834	1,941	2,255	1,863	2,087
Operating margin	18%	17%	16%	17%	17%	18%	17%	17%	17%	18%	17%	17%
Interest expense	359	390	363	354	356	317	303	404	347	365	354	401
Pre-tax income	1,765	1,740	1,589	1,765	1,742	1,941	1,620	1,709	1,826	2,153	1,734	1,924
Tax rate	3%	8%	18%	7%	6%	8%	6%	5%	11%	7%	4%	9%
Net income	1,715	1,630	1,328	1,548	1,630	1,829	1,507	1,617	1,616	1,964	1,651	1,736
Net margin	16%	15%	13%	15%	15%	16%	15%	15%	15%	16%	15%	14%
Diluted EPS	$4.42	$4.20	$3.46	$4.04	$4.25	$4.78	$3.98	$4.28	$4.27	$5.21	$4.43	$4.68
Operating cash flow	2,414	3,723	1,251	1,960	2,166	3,290	723	1,399	2,239	3,457	1,192	2,125
Capital expenditure	332	405	347	301	272	480	362	294	404	465	376	450
Free cash flow	2,082	3,318	904	1,659	1,894	2,810	361	1,105	1,835	2,992	816	1,675
Buybacks	0.0	0.0	3,000	0.0	0.0	1,000	2,000	0.0	963	37.0	3,000	1,000
Dividends paid	135	136	135	149	150	149	149	162	163	162	162	175
Shares outstanding	386m	381m	382m	382m	383m	377m	377m	378m	376m	371m	372m	370m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 29 June 2024, filed 2 August 2024, accession 0000097745-24-000040: the filing on EDGAR. All of Thermo Fisher Scientific Inc.'s filings: EDGAR company page.

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