Thermo Fisher Scientific sees strong growth in first quarter of 2014

Thermo Fisher Scientific has announced its financial results for the first quarter of 2014, during which it experienced double-digit business growth.

The firm's revenue total for the three-month period came to $3.9 billion (2.32 billion pounds), up by 22 percent year on year, while adjusted earnings per share rose by 12 percent to $1.53 and operating income increased by 35 percent.

Its completion of the takeover of Life Technologies was the main driver of this growth, as the deal greatly strengthened its offering in life sciences and applied markets worldwide. The launch of several new products also helped to drive organic growth.

In light of its strong first-quarter performance, the company has chosen to raise its annual guidance for 2014 and now expects to achieve growth of 29 to 30 percent for the full year.

Marc Casper, president and chief executive officer of Thermo Fisher Scientific, said: "Our unique customer value proposition is now even stronger, and we are committed to fully leveraging our new capabilities to drive growth and create shareholder value."

This comes after the firm achieved a $13.09 billion revenue total during 2013, following a record-breaking final quarter.