Thermo Fisher Scientific Inc. (TMO, Financial) filed Quarterly Report for the period ended 2010-07-03.
Thermo Fisher Scientific Inc. has a market cap of $18.28 billion; its shares were traded at around $44.55 with a P/E ratio of 13.3 and P/S ratio of 1.8. Thermo Fisher Scientific Inc. had an annual average earning growth of 10.8% over the past 10 years.TMO is in the portfolios of John Griffin of Blue Ridge Capital, Robert Olstein of Olstein Financial Alert Fund, Manning & Napier Advisors, Inc, John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Stanley Druckenmiller of Duquesne Capital Management, LLC, Pioneer Investments, Steven Cohen of SAC Capital Advisors, John Buckingham of Al Frank Asset Management, Inc., Ron Baron of Baron Funds, Jeremy Grantham of GMO LLC, George Soros of Soros Fund Management LLC, Arnold Van Den Berg of Century Management, Dodge & Cox.
As of July 3, 2010, the company s outstanding debt totaled $2.13 billion, of which approximately $0.32 billion is convertible debt, at a conversion price of $40.20 per share. Upon an investor s election to convert, the company is required to pay the principal portion of these debentures in cash, and the balance of the conversion value in either cash or stock, at the company's election. For holders electing to convert the company s convertible debentures in the next 12 months, the company intends to draw on its revolving credit facility to fund any principal payments in excess of $100 million which has been classified as a current liability in the accompanying balance sheet. The facility is an unsecured revolving credit agreement expiring in 2012 with available capacity of $952 million at July 3, 2010.
Cash provided by operating activities was $734 million during the first six months of 2009. A decrease in accounts receivable and an increase in accounts payable provided cash of $41 million and $35 million, respectively. The decrease in accounts receivable was primarily a result of lower sales in the second quarter of 2009 than in the fourth quarter of 2008. The increase in accounts payable partially reversed a decrease that occurred in 2008 and was due primarily to the timing of payments. A decrease in other liabilities used cash of $85 million, primarily as a result of annual incentive compensation and restructuring payments. Cash payments for income taxes totaled $125 million in the first six months of 2009.
During the first six months of 2009, the company s primary investing activities included acquisitions and the purchase of property, plant and equipment. The company expended $146 million for acquisitions and $83 million for purchases of property, plant and equipment.
The company s financing activities used $397 million of cash during the first six months of 2009, principally for the repurchase of $415 million of the company s common stock, offset in part by $12 million of proceeds of employee stock option exercises.
As a multinational corporation, we are exposed to fluctuations in currency exchange rates, which could adversely affect our cash flows and results of operations. International revenues account for a substantial portion of our revenues, and we intend to continue expanding our presence in international markets. In 2009, our international revenues from continuing operations, including export revenues from the United States, accounted for a significant percentage of our total revenues. The exposure to fluctuations in currency exchange rates takes on different forms. International revenues are subject to the risk that fluctuations in exchange rates could adversely affect product demand and the profitability in U.S. dollars of products and services provided by us in international markets, where payment for our products and services is made in the local currency. As a multinational corporation, our businesses occasionally invoice third-party customers in currencies other than the one in which they primarily do business (the “functional currency”). Movements in the invoiced currency relative to the functional currency could adversely impact our cash flows and our results of operations. In addition, reported sales made in non-U.S. currencies by our international businesses, when translated into U.S. dollars for financial reporting purposes, fluctuate due to exchange rate movement. Should our international sales grow, exposure to fluctuations in currency exchange rates could have a larger effect on our financial results. In 2009, currency translation had an unfavorable effect on revenues of our continuing operations of $211 million due to the strengthening of the U.S. dollar relative to other currencies in which the company sells products and services, but in the first six months of 2010, currency translation had a favorable effect on revenues of our continuing operations of $46 million due to the weakening of the U.S. dollar relative to other currencies in which the company sells products and services.
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Thermo Fisher Scientific Inc. has a market cap of $18.28 billion; its shares were traded at around $44.55 with a P/E ratio of 13.3 and P/S ratio of 1.8. Thermo Fisher Scientific Inc. had an annual average earning growth of 10.8% over the past 10 years.TMO is in the portfolios of John Griffin of Blue Ridge Capital, Robert Olstein of Olstein Financial Alert Fund, Manning & Napier Advisors, Inc, John Rogers of ARIEL CAPITAL MANAGEMENT LLC, Stanley Druckenmiller of Duquesne Capital Management, LLC, Pioneer Investments, Steven Cohen of SAC Capital Advisors, John Buckingham of Al Frank Asset Management, Inc., Ron Baron of Baron Funds, Jeremy Grantham of GMO LLC, George Soros of Soros Fund Management LLC, Arnold Van Den Berg of Century Management, Dodge & Cox.
Highlight of Business Operations:
The company s financing activities used $492 million of cash during the first six months of 2010, principally for the extinguishment of debt and repurchase of $188 million of the company s common stock, offset in part by the net proceeds from the issuance of long-term debt of $742 million. The company used the net proceeds from the issuance of debt and existing cash balances to convert all of the $326 million principal outstanding on its Floating Rate Convertible Debentures due 2033 for a total cash outlay of $573 million and to redeem all of its $500 million outstanding 6 1/8% Senior Subordinated Notes at a redemption price of $1,030.63 per $1000 principal amount for a total cash outlay of $515 million (Note 8). The company s financing activities also included $49 million of proceeds of employee stock option exercises. On April 19, 2010, the Board of Directors authorized the repurchase of up to $750 million of the company s common stock through April 18, 2011. In addition to the repurchases of company common stock in the second quarter of 2010, the company has repurchased $366 million of its common stock in the third quarter through August 3, 2010, leaving $196 million available for future repurchases under this authorization.As of July 3, 2010, the company s outstanding debt totaled $2.13 billion, of which approximately $0.32 billion is convertible debt, at a conversion price of $40.20 per share. Upon an investor s election to convert, the company is required to pay the principal portion of these debentures in cash, and the balance of the conversion value in either cash or stock, at the company's election. For holders electing to convert the company s convertible debentures in the next 12 months, the company intends to draw on its revolving credit facility to fund any principal payments in excess of $100 million which has been classified as a current liability in the accompanying balance sheet. The facility is an unsecured revolving credit agreement expiring in 2012 with available capacity of $952 million at July 3, 2010.
Cash provided by operating activities was $734 million during the first six months of 2009. A decrease in accounts receivable and an increase in accounts payable provided cash of $41 million and $35 million, respectively. The decrease in accounts receivable was primarily a result of lower sales in the second quarter of 2009 than in the fourth quarter of 2008. The increase in accounts payable partially reversed a decrease that occurred in 2008 and was due primarily to the timing of payments. A decrease in other liabilities used cash of $85 million, primarily as a result of annual incentive compensation and restructuring payments. Cash payments for income taxes totaled $125 million in the first six months of 2009.
During the first six months of 2009, the company s primary investing activities included acquisitions and the purchase of property, plant and equipment. The company expended $146 million for acquisitions and $83 million for purchases of property, plant and equipment.
The company s financing activities used $397 million of cash during the first six months of 2009, principally for the repurchase of $415 million of the company s common stock, offset in part by $12 million of proceeds of employee stock option exercises.
As a multinational corporation, we are exposed to fluctuations in currency exchange rates, which could adversely affect our cash flows and results of operations. International revenues account for a substantial portion of our revenues, and we intend to continue expanding our presence in international markets. In 2009, our international revenues from continuing operations, including export revenues from the United States, accounted for a significant percentage of our total revenues. The exposure to fluctuations in currency exchange rates takes on different forms. International revenues are subject to the risk that fluctuations in exchange rates could adversely affect product demand and the profitability in U.S. dollars of products and services provided by us in international markets, where payment for our products and services is made in the local currency. As a multinational corporation, our businesses occasionally invoice third-party customers in currencies other than the one in which they primarily do business (the “functional currency”). Movements in the invoiced currency relative to the functional currency could adversely impact our cash flows and our results of operations. In addition, reported sales made in non-U.S. currencies by our international businesses, when translated into U.S. dollars for financial reporting purposes, fluctuate due to exchange rate movement. Should our international sales grow, exposure to fluctuations in currency exchange rates could have a larger effect on our financial results. In 2009, currency translation had an unfavorable effect on revenues of our continuing operations of $211 million due to the strengthening of the U.S. dollar relative to other currencies in which the company sells products and services, but in the first six months of 2010, currency translation had a favorable effect on revenues of our continuing operations of $46 million due to the weakening of the U.S. dollar relative to other currencies in which the company sells products and services.
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