BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Thermo Fisher Scientific Reports Strong Second Quarter 2024 Results
WALTHAM, Mass., July 24, 2024 — Thermo Fisher Scientific Inc. (NYSE: TMO), the global leader in serving science, announced its second-quarter financial results for the period ending June 29, 2024. The company highlighted robust performance, innovative product launches, and strategic acquisitions, reinforcing its market leadership.
Second Quarter 2024 Financial Highlights:
- Revenue: $10.54 billion
- GAAP Diluted EPS: Increased by 15% to $4.04
- Adjusted EPS: Increased by 4% to $5.37
Key Achievements and Innovations:
-
Innovative Product Launches:
- Thermo Scientific™ Stellar™ Mass Spectrometer: Validates clinical interest proteins.
- Thermo Scientific Orbitrap Ascend Tribrid™ Mass Spectrometer Editions: Tailored for MultiOmics, Structural Biology, and BioPharma applications.
- Biobased Film for Bioprocessing Containers: Uses plant-based materials for lower-carbon solutions.
- ENERGY STAR-certified Thermo Scientific™ TSX™ Universal Series ULT Freezers: Industry-leading performance and energy efficiency.
-
Expansion and Strategic Moves:
- Clinical Trial Supply Services Expansion: New ultra-cold facility in Bleiswijk, Netherlands, and an innovation lab in Center Valley, Pennsylvania.
- Global Presence: Strengthened capabilities in Indonesia, supporting healthcare, scientific research, and renewable energy investments.
- Acquisition of Olink: Enhances proteomic solutions, advancing protein research and precision medicine.
Financial Performance Details:
- Revenue Decline: 1% decrease to $10.54 billion compared to $10.69 billion in Q2 2023.
- Organic Revenue: 1% decline; Core organic revenue growth was flat.
- GAAP Operating Income: Increased to $1.82 billion from $1.58 billion in Q2 2023.
- GAAP Operating Margin: Improved to 17.3% from 14.8% in the previous year.
- Adjusted Operating Income: $2.35 billion, slightly down from $2.37 billion in Q2 2023.
- Adjusted Operating Margin: Marginal increase to 22.3% from 22.2%.
Annual Guidance for 2024:
- Revenue Guidance: Raised to $42.4 to $43.3 billion from the previous range of $42.3 to $43.3 billion.
- Adjusted EPS Guidance: Increased to $21.29 to $22.07 from the previous range of $21.14 to $22.02.
Marc N. Casper, Chairman, President, and CEO of Thermo Fisher Scientific, stated, “Our excellent execution enabled us to deliver another quarter of strong financial performance and share gain. We continue to see the benefit of our proven growth strategy and the impact of our PPI Business System in our performance. Shortly after the quarter ended, we were also pleased to welcome our Olink colleagues to Thermo Fisher and are excited about the power of this new combination to better serve our customers and advance science.”
Casper added, “We have made very good progress through the halfway point of the year and are in a great position to deliver differentiated performance in 2024. We’ve further extended our industry leadership and positioned our company for an even brighter future.”
Source: TMO
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