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Medical research firm $TMO reported a decline in 4Q17 profit, owing to higher income tax provision. Earnings dropped to $528MM or $1.30 per share from $630MM or $1.59 per share in 4Q16. On an adjusted basis, earnings rose 16% to $2.79 per share. Revenues, meanwhile moved up 22% to $6.05BIl, helped by gains from acquisitions and favorable currency.
$AQUA, which provides water treatment solutions, has appointed Peter Wilver to its board of directors. Wilver, a former senior executive at $TMO, most recently served as Thermo Fisher's EVP and Chief Administrative Officer. Earlier, he held financial management roles at various industrial companies including GE, Honeywell and Grimes Aerospace.
$TMO, a leading medical technology company, has signed an agreement with life sciences firm $ILMN, under which Thermo Fisher will provide Illumina with Ion AmpliSeq technology. The tie-up will help Illumina effectively sell Ion AmpliSeq technology to researchers engaged in scientific studies on its next-generation sequencing (NGS) platforms.
$TDG appointed EVP James Skulina as Interim CFO, with immediate effect. Skulina replaces Terrance Paradie, who resigned for personal reasons. Paradie will remain employee until April 2, 2018 and will assist Skulina during transition. Paradie's departure is unrelated to financial condition, financial disclosure or strategic direction.
$TDG has agreed to sell SCHROTH Safety Products in a management buyout to Perusa Partners Fund 2, L.P., as majority shareholder, as well as dedicated SCHROTH managers from Germany and the US. The Department of Justice has accepted this proposal. The transaction is subject to customary closing conditions and regulatory approvals.
$TRN's BoD authorized a new $500MM share repurchase program, doubling the size of its existing authorization which expires on Dec. 31, 2017. The new program will be effective Jan. 1, 2018 through Dec. 31, 2019. Also, $TRN's BoD declared a quarterly dividend of 13 cents per share, payable on Jan. 31, 2018 to stockholders of record on Jan. 12.
$TRN's BoD unanimously approved a plan to pursue a spin-off of its infrastructure-related businesses to Trinity shareholders. The separation is planned as a tax-free spin-off transaction to its shareholders and is expected to be completed in 2H18. The transaction is expected to result in two separate public companies.
$TMO has received an unsolicited offer from TRC Capital to purchase up to one million shares of the company’s common stock for $181.75 per share in cash. According to Thermo Fisher, the offer price is about 4.43% lower than the closing price of its stock on November 17, 2017. The offer accounts for about 0.249% of the company’s outstanding shares.
$PNR has named Lynnette Heath as EVP & Chief Human Resources Officer, Jon Lammers as EVP, General Counsel & Secretary, and Ben Sommerness as EVP, Chief Growth and Strategy Officer for its Electrical business, which is expected to separate from the Water business in 2Q18, forming two independent, publicly-traded companies.
$TMO said it expects to return a total of about $240MM in capital to shareholders in fiscal 2017, entirely through dividends, with no additional share buybacks planned for the rest of the year. Thermo Fisher anticipates to generate $3.5Bil of free cash flow in 2017, which is in line with its previous estimate.
$TMO said pursuant to the acquisition of Patheon, around 9,000 employees of that company joined the Thermo Fisher team in the third quarter. Following completion, the transaction is expected to bring in total synergies of about $120MM in three years, comprising $90MM of cost synergies and $30MM of adjusted operating income benefit.
$TMO said it continues to focus on the 3-pronged growth strategy of developing high-impact innovative products, leveraging the scale in emerging markets and delivering value proposition to customers. During third quarter, the company launched two new electron microscopes for Materials Sciences and Applications and four Thermo Scientific products.