By Sabela Ojea

Thermo Fisher Scientific posted lower profit in the second quarter, driven by a slowdown in economic activity in China and customers' cautious spending.

The Waltham, Mass., life-sciences and laboratory equipment company on Tuesday said net income fell to $1.36 billion, or $3.51 a share, compared with $1.66 billion, or $4.22 a share, for the same period a year earlier.

Stripping out one-time items, earnings per share came in at $5.15. Analysts polled by FactSet had forecast adjusted earnings per share of $5.43.

Revenue fell 2.6% to $10.69 billion. Analysts polled by FactSet expected higher revenue of $10.99 billion.

"The macroeconomic environment became more challenging in the second quarter. Economic activity in China slowed, and across the economy more broadly, businesses became more cautious in their spend," said Marc Casper, chairman, president and chief executive officer.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

July 26, 2023 06:34 ET (10:34 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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