Business News

Danaher Announces Record First Quarter Results

Friday 18. April 2008 - Danaher Corporation (NYSE:DHR) announced today that net earnings from continuing operations for the quarter ended March 28, 2008 were $277 million, or $0.83 per diluted share, as compared to the Company's 2007 first quarter net earnings from continuing operations of $252 million, or $0.77 per diluted share.

Included in the 2008 first quarter earnings per share results were certain non-cash charges related to the acquisition of Tektronix for fair value adjustments to recorded inventory and deferred revenue which reduced net earnings by $19 million or $0.06 per diluted share in the period. Absent these items, adjusted net earnings from continuing operations were $296 million or $0.89 per diluted share, a 15.5% increase over last year’s first quarter diluted earnings per share from continuing operations. Operating profit margins for the first quarter of 2008 were 13.6%. Adjusted operating profit margins, excluding the impact of the non-cash charges related to the acquisition of Tektronix, were 14.5% in the first quarter of 2008.

Revenues for the 2008 first quarter were $3.03 billion, 20% higher than the $2.52 billion reported for the 2007 first quarter. H. Lawrence Culp, Jr., President and Chief Executive Officer, stated, “We are pleased to announce another record first quarter. Growth from existing businesses, also known as core revenues, was 2% as continued strength in our Hach-Lange, Fluke, Radiometer and Leica businesses was offset by lower demand in certain of our OEM and consumer-driven operations, primarily in the US. We were encouraged by strong orders during the quarter which gives us confidence in our ability to deliver positive results for the balance of 2008.”