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Thermo Fisher (TMO; A3, A-, A-) {TMO US Equity} 1Q results

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In-line results, BS little changed. Cash lines are unch today. Sizeable +20bp pickup remains to one-notch lower Stryker (SYK; Baa1 Pos, BBB+ S) - reports next week. No firm view from us on either yet.


  • Slight beat on 1Q revenue at $10.35b (c$10.17b) at a organic growth of neg. 4% yoy. Adj. EBIT margin also beat at 22% (c21%) & is unch yoy.
  • FCF was $908m from the $1.3b in operating cash flows. $3b in buybacks over qtr. Note qtryl dividend was already bumped to 39c/share (~$600m/yr).* Marginal bump to FY guidance; revenue expected at $42.3-43.3b range & EPS $21.14-$22.02.
  • Gross leverage at 3.3x (Q4 3.2x) net at 2.6x (Q4 2.5x) with liquidity at $7.25b against $35.6b in debt.
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In-line results, BS little changed. Cash lines are unch today. Sizeable +20bp pickup remains to one-notch lower Stryker (SYK; Baa1 Pos, BBB+ S) - reports next week. No firm view from us on either yet.


  • Slight beat on 1Q revenue at $10.35b (c$10.17b) at a organic growth of neg. 4% yoy. Adj. EBIT margin also beat at 22% (c21%) & is unch yoy.
  • FCF was $908m from the $1.3b in operating cash flows. $3b in buybacks over qtr. Note qtryl dividend was already bumped to 39c/share (~$600m/yr).* Marginal bump to FY guidance; revenue expected at $42.3-43.3b range & EPS $21.14-$22.02.
  • Gross leverage at 3.3x (Q4 3.2x) net at 2.6x (Q4 2.5x) with liquidity at $7.25b against $35.6b in debt.