Thermo Fisher Scientific Inc. (TMO, Financial) filed Quarterly Report for the period ended 2010-04-03.
Thermo Fisher Scientific Inc. has a market cap of $22.45 billion; its shares were traded at around $54.83 with a P/E ratio of 16.8 and P/S ratio of 2.2. 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, Paul Tudor Jones of The Tudor Group, Ron Baron of Baron Funds, John Buckingham of Al Frank Asset Management, Inc., Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC, Dodge & Cox, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC.
Cash provided by operating activities was $343 million during the first three months of 2010. Increases in accounts receivable and inventory used cash of $102 million and $35 million, respectively, primarily to support growth in sales. An increase in accounts payable provided cash of $74 million, primarily due to the timing of payments. Cash payments for income taxes totaled $52 million in the first three months of 2010. The company expects that for all of 2010, cash payments for income taxes will approximate $375 - $425 million. Payments for restructuring actions, principally severance costs and lease and other expenses of real estate consolidation, used cash of $12 million during the first three months of 2010.
During the first three months of 2010, the company s primary investing activities included acquisitions and the purchase of property, plant and equipment. The company expended $229 million for acquisitions and $51 million for purchases of property, plant and equipment. In April 2010, the company acquired a supplier of products for proteomics analysis for approximately $40 million in cash and contingent future payments of up to $2 million.
The company s financing activities used $178 million of cash during the first three months of 2010, principally for the extinguishment of debt. The company s financing activities included $27 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. On April 27, 2010, the company issued $450 million principal amount of 3.20% Senior Notes due 2015 and $300 million principal amount of 4.70% Senior Notes due 2020.
As of April 3, 2010, the company s outstanding debt totaled $2.07 billion, of which approximately $0.54 billion is convertible debt, at conversion prices ranging from $23.73 to $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. On April 20, 2010, the company announced that it will redeem all of its Floating Rate Convertible Debentures due 2033 that remain outstanding on May 10, 2010. The company expects that the holders will convert their Floating Rate Convertible Debentures prior to the redemption date. The company intends to use the proceeds from the $750 million senior notes issued on April 27, 2010 to fund the conversions/redemption of the $174 million principal value of the Floating Rate Convertible Debentures that was outstanding on April 20, 2010 (Note 8). The company expects the total cash outlay for the conversion/redemption of the Floating Rate Convertible Debentures, including premium, will be approximately $315 million, a portion of which will be funded from existing cash balances. For holders electing to convert any of the company s other convertible debentures in 2010, 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 $944 million at April 3, 2010. The company also announced its intention to use the proceeds of the senior notes issued in April 2010 to redeem all outstanding 6 1/8% Senior Subordinated Notes on July 1, 2010. The outstanding principal value of the 6 1/8% Senior Subordinated Notes on May 6, 2010 was $500 million.
Cash provided by operating activities was $359 million during the first three months of 2009. A decrease in accounts receivable and an increase in accounts payable provided cash of $29 million and $81 million, respectively. The decrease in accounts receivable was primarily a result of lower sales in the first 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 $77 million, primarily as a result of annual incentive compensation, interest and restructuring payments. Cash payments for income taxes totaled $21 million in the first three months of 2009.
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Thermo Fisher Scientific Inc. has a market cap of $22.45 billion; its shares were traded at around $54.83 with a P/E ratio of 16.8 and P/S ratio of 2.2. 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, Paul Tudor Jones of The Tudor Group, Ron Baron of Baron Funds, John Buckingham of Al Frank Asset Management, Inc., Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC, Dodge & Cox, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC.
Highlight of Business Operations:
Consolidated working capital was $2.75 billion at April 3, 2010, compared with $2.89 billion at December 31, 2009. Included in working capital were cash, cash equivalents and short-term investments of $1.44 billion at April 3, 2010 and $1.57 billion at December 31, 2009.Cash provided by operating activities was $343 million during the first three months of 2010. Increases in accounts receivable and inventory used cash of $102 million and $35 million, respectively, primarily to support growth in sales. An increase in accounts payable provided cash of $74 million, primarily due to the timing of payments. Cash payments for income taxes totaled $52 million in the first three months of 2010. The company expects that for all of 2010, cash payments for income taxes will approximate $375 - $425 million. Payments for restructuring actions, principally severance costs and lease and other expenses of real estate consolidation, used cash of $12 million during the first three months of 2010.
During the first three months of 2010, the company s primary investing activities included acquisitions and the purchase of property, plant and equipment. The company expended $229 million for acquisitions and $51 million for purchases of property, plant and equipment. In April 2010, the company acquired a supplier of products for proteomics analysis for approximately $40 million in cash and contingent future payments of up to $2 million.
The company s financing activities used $178 million of cash during the first three months of 2010, principally for the extinguishment of debt. The company s financing activities included $27 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. On April 27, 2010, the company issued $450 million principal amount of 3.20% Senior Notes due 2015 and $300 million principal amount of 4.70% Senior Notes due 2020.
As of April 3, 2010, the company s outstanding debt totaled $2.07 billion, of which approximately $0.54 billion is convertible debt, at conversion prices ranging from $23.73 to $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. On April 20, 2010, the company announced that it will redeem all of its Floating Rate Convertible Debentures due 2033 that remain outstanding on May 10, 2010. The company expects that the holders will convert their Floating Rate Convertible Debentures prior to the redemption date. The company intends to use the proceeds from the $750 million senior notes issued on April 27, 2010 to fund the conversions/redemption of the $174 million principal value of the Floating Rate Convertible Debentures that was outstanding on April 20, 2010 (Note 8). The company expects the total cash outlay for the conversion/redemption of the Floating Rate Convertible Debentures, including premium, will be approximately $315 million, a portion of which will be funded from existing cash balances. For holders electing to convert any of the company s other convertible debentures in 2010, 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 $944 million at April 3, 2010. The company also announced its intention to use the proceeds of the senior notes issued in April 2010 to redeem all outstanding 6 1/8% Senior Subordinated Notes on July 1, 2010. The outstanding principal value of the 6 1/8% Senior Subordinated Notes on May 6, 2010 was $500 million.
Cash provided by operating activities was $359 million during the first three months of 2009. A decrease in accounts receivable and an increase in accounts payable provided cash of $29 million and $81 million, respectively. The decrease in accounts receivable was primarily a result of lower sales in the first 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 $77 million, primarily as a result of annual incentive compensation, interest and restructuring payments. Cash payments for income taxes totaled $21 million in the first three months of 2009.
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