Thermo Fisher Shares Plunge as Sales Miss Estimates, Company Slashes Full-Year Outlook
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Thermo Fisher shares tumbled to a more than three-year low as sales missed estimates and the company cut its guidance.
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The lab equipment maker blamed increasingly weakening market conditions for the slump.
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Thermo Fisher reduced its full-year EPS and sales outlook for the second quarter in a row.
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The company's Q3 revenue fell 1% from a year ago to $10.57 billion, just short of estimates.
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Thermo Fisher is cutting its full-year EPS forecast to $21.50 on sales of $42.7 billion, down from April predictions.