Thermo Fisher Scientific, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. Revenue for the quarter grew 30% to $4.49 billion in 2014, against $3.47 billion in 2013. Adjusted operating income was $1,025.7 million compared with $694.2 million a year ago. GAAP operating income for the fourth quarter of 2014 increased 40% to $639 million, compared with $455 million in 2013. Income before income taxes was $537.1 million against $377.6 million a year ago. Net income was $601.2 million or $1.49 per diluted share against $342.1 million or $0.92 per diluted share a year ago. Income from continuing operations was $604.0 million or $1.49 per diluted share against $343.0 million or $0.92 per diluted share a year ago. Adjusted net income was $804.7 million or $1.99 per diluted share against $530.3 million or $1.43 per diluted share a year ago. GAAP net cash provided by operating activities was $953.7 million compared with $728.5 million a year ago. Purchases of property, plant and equipment was $156.7 million compared with $94.5 million a year ago.

Revenue for 2014 grew 29% to $16.89 billion, compared with $13.09 billion a year ago. GAAP operating income for 2014 increased 56% to $2.50 billion, compared with $1.61 billion a year ago. Net income was $1,894.4 million or $4.71 per diluted share against $1,273.3 million or $3.48 per diluted share a year ago. Income from continuing operations was $1,895.5 million or $4.71 per diluted share against $1,279.1 million or $3.50 per diluted share a year ago. Adjusted net income was $2,800.9 million or $6.96 per diluted share against $1,981.7 million or $5.42 per diluted share a year ago. Net cash provided by operating activities was $2,619.6 million against $2,010.7 million a year ago. Purchases of property, plant and equipment were $427.6 million against $282.4 million a year ago. Income before income taxes was $2,087.2 million compared with $1,319.5 million a year ago. Adjusted operating income was $3,694.8 million compared with $2,552.5 million a year ago.

The company is initiating revenue guidance in the range of $16.80 billion to $17.0 billion in 2015, which is about flat with the last year -- with last year and includes a 4.5% headwind from foreign currency. EPS assumes an 8 percentage point headwind from currency, so it is guiding to adjusted EPS of $7.22 to $7.40. This would result in 4% to 6% growth over strong EPS performance in 2014. The company is expecting adjusted income tax rate to be about 14%, down slightly from 14.5% in 2014. It expects net interest expense to be in the range of $375 million to $385 million, about $50 million lower than 2014. The decrease is primarily as a result of continuing to pay down term loan along with settling 2015 maturities, a portion of which will be financed with November 2014 bond issuance. Finally, in terms of full year 2015 free cash flow, it is expecting about $2.6 billion, up $350 million compared to 2014. The company is expecting net capital expenditures to be in the range of $435 million to $450 million.