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Danaher Reports Record First Quarter 2013 Results

              Danaher Reports Record First Quarter 2013 Results

PR Newswire

WASHINGTON, April 18, 2013

WASHINGTON, April 18, 2013 /PRNewswire/ -- Danaher Corporation (NYSE: DHR)
today announced results for the first quarter of 2013. All financial metrics
in this release reflect only the Company's continuing operations unless
otherwise noted.

Net earnings for the quarter ended March 29, 2013 were $691.9 million, or
$0.98 per share on a diluted basis, a 34% increase over diluted net earnings
per share of $0.73 for the first quarter 2012. As summarized in the attached
reconciliation, first quarter 2013 earnings from continuing operations include
gains from the sale of the Apex Tool Group LLC joint venture and discrete tax
benefits. Excluding these gains, adjusted diluted earnings per share from
continuing operations for the quarter ended March 29, 2013 were $0.75, a 2.5%
increase over the comparable amount in the first quarter of 2012.

Sales for the 2013 first quarter were $4.4 billion, 3% higher than the $4.3
billion reported for the 2012 first quarter. Core revenues increased 1.0% in
the first quarter of 2013 compared to the first quarter of 2012.

The Company anticipates that GAAP diluted net earnings per share for the
quarter ending June 28, 2013 will be in the range of $0.80 to $0.85. The
Company reaffirmed its full year 2013 adjusted diluted net earnings per share
guidance of $3.32 to $3.47.

H. Lawrence Culp, Jr., President and Chief Executive Officer, stated, "Our
modest expectations for global growth heading into this year have, so far,
played out largely as anticipated. The Danaher Business System continues to
help us drive share gains, margins and cash flow in this low growth
environment. We believe our solid recurring revenue base, the structural cost
actions executed in 2012 and an attractive acquisition environment position
Danaher well for the balance of 2013 and beyond."

Danaher will discuss its results during its investor conference call today
starting at 8:00 a.m. EDT. The call and an accompanying slide presentation
will be webcast on the "Investors" section of Danaher's website at
www.danaher.com. A replay of the webcast will be available on the "Investors"
section of Danaher's website, under the subheading "Investor Events," shortly
after the conclusion of the presentation, and the webcast will remain
available until the next quarterly earnings call. The conference call can be
accessed by dialing 888-211-7451 within the U.S. or by dialing 913-981-5535
outside the US a few minutes before the 8:00 a.m. EDT start and telling the
operator that you are dialing in for Danaher's investor conference call
(access code 5544079). A replay of the conference call will be available
shortly after the conclusion of the call and through Thursday, April 25, 2013.
You can access the replay by dialing 888-203-1112 within the U.S. or
719-457-0820 outside the U.S. with the access code 5544079. In addition,
presentation materials relating to Danaher's results have been posted to the
"Investors" section of Danaher's website under the subheading "Financial
Information."

Danaher is a science and technology leader that designs, manufactures, and
markets innovative products and services to professional, medical, industrial,
and commercial customers. Our premier brands are among the most highly
recognized in each of the markets we serve. The Danaher Business System
provides a foundation to our 63,000 associates around the world, serving
customers in more than 125countries. In 2012, we generated $18.3 billion of
revenue. For more information please visit our website: www.danaher.com.

In addition to the financial measures prepared in accordance with generally
accepted accounting principles (GAAP), this earnings release also contains
non-GAAP financial measures. The reasons why we believe these measures provide
useful information to investors, a reconciliation of these measures to the
most directly comparable GAAP measures and other information relating to these
measures are included in the supplemental reconciliation schedule attached.

Statements in this release that are not strictly historical, including the
statements regarding the Company's anticipated diluted net earnings per share
for the second quarter and full year 2013, the potential benefits from the
Company's recurring revenue base and fourth quarter 2012 cost reductions, the
acquisition environment, the Company's positioning for 2013 and beyond and any
other statements regarding events or developments that we believe or
anticipate will or may occur in the future, are "forward-looking" statements
within the meaning of the federal securities laws. There are a number of
important factors that could cause actual results, developments and business
decisions to differ materially from those suggested or indicated by such
forward-looking statements and you should not place undue reliance on any such
forward-looking statements. These factors include, among other things,
deterioration of or instability in the economy and financial markets, the
impact of our restructuring activities on our ability to grow, contractions or
growth rates and cyclicality of markets we serve, competition, our ability to
develop and successfully market new products and technologies and expand into
new markets, the potential for improper conduct by our employees, agents or
business partners, our ability to successfully identify, consummate and
integrate appropriate acquisitions, contingent liabilities relating to
acquisitions and divestures, our compliance with applicable laws and
regulations (including regulations relating to medical devices and the
healthcare industry) and changes in applicable laws and regulations, our
ability to effectively address cost reduction and other changes in the
healthcare industry, risks relating to potential impairment of goodwill and
other long-lived assets, currency exchange rates, tax audits and changes in
our tax rate and income tax liabilities, litigation and other contingent
liabilities including intellectual property and environmental, health and
safety matters, risks relating to product defects and recalls, risks relating
to product manufacturing, the impact of our debt obligations on our
operations, our relationships with and the performance of our channel
partners, commodity costs and surcharges, our ability to adjust purchases and
manufacturing capacity to reflect market conditions, labor matters,
international economic, political, legal and business factors, disruptions
relating to man-made and natural disasters, security breaches or other
disruptions of our information technology systems and pension plan costs.
Additional information regarding the factors that may cause actual results to
differ materially from these forward-looking statements is available in our
SEC filings, including our 2012 Annual Report on Form 10-K and Quarterly
Report on Form 10-Q for the first quarter of 2013. These forward-looking
statements speak only as of the date of this release and the Company does not
assume any obligation to update or revise any forward-looking statement,
whether as a result of new information, future events and developments or
otherwise.



DANAHER CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS

($ and shares in millions, except per share amounts)

(unaudited)
                                                Three Months Ended
                                                March 29, 2013  March 30, 2012
Sales                                           $   4,444.7     $   4,316.2
Cost of sales                                   (2,119.0)       (2,080.7)
Gross profit                                    2,325.7         2,235.5
Operating costs and other:
Selling, general and administrative expenses    (1,298.4)       (1,244.9)
Research and development expenses               (296.4)         (270.1)
Earnings from unconsolidated joint venture      —               14.4
Operating profit                                730.9           734.9
Non-operating income (expense):
Gain on sale of unconsolidated joint venture    229.8           —
Interest expense                                (39.2)          (39.4)
Interest income                                 0.9             0.7
Earnings from continuing operations before      922.4           696.2
income taxes
Income taxes                                    (230.5)         (176.2)
Net earnings from continuing operations         691.9           520.0
Earnings from discontinued operations, net of   —               92.9
income taxes
Net earnings                                    $   691.9       $   612.9
Net earnings per share from continuing
operations:
Basic                                           $   1.00        $   0.75
Diluted                                         $   0.98        $   0.73
Net earnings per share from discontinued
operations:
Basic                                           $   —           $   0.13
Diluted                                         $   —           $   0.13
Net earnings per share:
Basic                                           $   1.00        $   0.89
Diluted                                         $   0.98        $   0.86
Average common stock and common equivalent
shares outstanding:
Basic                                           692.0           691.5
Diluted                                         708.4           714.0
* Net earnings per share amount does not add due to rounding.

This information is presented for reference only. A complete copy of Danaher's
Form 10-Q financial statements is available on the Company's website
(www.danaher.com)



DANAHER CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
($ in millions except per share data)
Actual Earnings Per
Share
                                      ThreeMonths
                     ThreeMonths     Ending
                     Ending           March 30,
                     March29, 2013
                                      2012
Diluted Net Earnings
Per Share from       $          $           34%
Continuing           0.98            0.73
Operations (GAAP)
 Gain on the sale of
 investment in Apex
 Tool Group LLC in
 the first quarter   (0.20)           -
 of 2013 ($230
 million pre-tax,
 $144 million
 after-tax)
 Retroactive
 reinstatement of
 certain federal tax
 provisions
 contained in the    (0.03)           -
 American Tax Relief
 Act of 2012 and
 other discrete
 items.
Adjusted Diluted Net
Earnings Per Share   $          $      
from Continuing      0.75            0.73              2.5%
Operations
(Non-GAAP)
Forecasted Earnings
Per Share Guidance
                     ThreeMonthsEnding                     Year Ending
                     June 28, 2013                           December 31, 2013
                     Low End               High End          Low End  High End
Diluted Net Earnings                                                  $   
Per Share from       $       0.80   $            $       
Continuing                                 0.85               3.55 3.70
Operations (GAAP)
 Gain on the sale of
 investment in Apex
 Tool Group LLC in
 the first quarter   -                     -                 (0.20)   (0.20)
 of 2013 ($230
 million pre-tax,
 $144 million
 after-tax)
 Retroactive
 reinstatement of
 certain federal tax
 provisions
 contained in the    -                     -                 (0.03)   (0.03)
 American Tax Relief
 Act of 2012 and
 other discrete
 items.
Adjusted Diluted Net
Earnings Per Share                         $            $     $   
from Continuing      $        0.80  0.85               3.32   
Operations                                                            3.47
(Non-GAAP)
Core Revenue Growth
                              Three Months Ended

 Components of Revenue Growth March 29, 2013 vs.
                              Comparable

                              2012 Period
 Core (non-GAAP)              1.0%
 Acquisitions (non-GAAP)      3.0%
 Impact of Currency           -1.0%
 Translation (non-GAAP)
 Total Revenue Growth (GAAP)  3.0%



Adjusted Diluted Net Earnings Per Share from Continuing Operations

We disclose the non-GAAP measure of adjusted diluted net earnings per share
from continuing operations, which refers to GAAP diluted net earnings per
share from continuing operations, excluding the items identified in the
reconciliation schedule above. This non-GAAP measure should be considered in
addition to, and not as a replacement for or superior to, the comparable GAAP
measure, and may not be comparable to similarly titled measures reported by
other companies.

Management believes that this measure provides useful information to investors
by reflecting additional ways of viewing aspects of Danaher's operations that,
when reconciled to the corresponding GAAP measure, helps our investors to
better understand the long-term profitability trends of our business, and
facilitates easier comparisons of our profitability to prior and future
periods and to our peers. The items described above have been excluded from
this measure because items of this nature and/or size occur with inconsistent
frequency, occur for reasons that may be unrelated to Danaher's commercial
performance during the period and/or we believe are not indicative of
Danaher's ongoing operating costs or gains in a given period, which we believe
may obscure underlying business trends and make comparisons of long-term
performance difficult. The Company deems acquisition-related transaction
costs incurred in a given period to be significant (generally relating to the
Company's larger acquisitions) if it determines that such costs exceed the
range of acquisition-related transaction costs typical for Danaher in a given
period.

The Company estimates the tax effect of the items identified in the
reconciliation schedule above by applying the Company's overall estimated
effective tax rate to the pre-tax amount, unless the nature of the item and/or
the tax jurisdiction in which the item has been recorded requires application
of a specific tax rate or tax treatment, in which case the tax effect of such
item is estimated by applying such specific tax rate or tax treatment.

Core Revenue and Core Revenue Growth

We use the term "core revenue" or "sales from existing businesses" to refer to
GAAP revenue from existing operations excluding (1) sales from acquired
businesses recorded prior to the first anniversary of the acquisition less the
impact from the divestiture of a product line the sales of which (prior to the
divestiture) were included in sales from acquired businesses ("acquisition
sales"), and (2) the impact of currency translation. The portion of GAAP
revenue from existing operations attributable to currency translation is
calculated as the difference between (a) the period-to-period change in
revenue (excluding acquisition sales) and (b) the period-to-period change in
revenue (excluding acquisition sales) after applying current period foreign
exchange rates to the prior year period. We use the term "core revenue
growth" to refer to the measure of comparing current period core revenue with
the corresponding period of the prior year. These non-GAAP measures should be
considered in addition to, and not as a replacement for or superior to, the
comparable GAAP measures, and may not be comparable to similarly titled
measures reported by other companies.

Management believes that these non-GAAP measures provide useful information to
investors by helping identify underlying growth trends in our business and
facilitating easier comparisons of our revenue performance with prior and
future periods and to our peers. We exclude the effect of currency
translation from these measures because currency translation is not under
management's control, is subject to volatility and can obscure underlying
business trends. We exclude the effect of acquisitions because the nature,
size and number of acquisitions can vary dramatically from period to period
and between us and our peers, which we believe may obscure underlying business
trends and make comparisons of long-term performance difficult.

SOURCE Danaher Corporation

Website: http://www.danaher.com
Contact: Matt R. McGrew, Vice President, Investor Relations, Danaher
Corporation, 2200 Pennsylvania Ave, NW, Suite 800W, Washington, D.C. 20037,
Telephone: (202) 828-0850, Fax: (202) 828-0860