DHR Announces Record First Quarter Results
WASHINGTON, D.C., April 19, 2007 -- Danaher Corporation (NYSE:DHR) announced today that net earnings for the first quarter ended March 30, 2007 were $255 million, or $0.78 per diluted share, 16% higher than its 2006 first quarter net earnings of $216 million, or $0.67 per diluted share. Included in the 2006 first quarter earnings per share was the benefit of $0.01 per share resulting from the reversal of approximately $3 million of tax reserves related to prior years. Absent this item, adjusted earnings per share for the first quarter of 2007 improved approximately 18%. Attached is a reconciliation of adjusted earnings per share to earnings per share calculated according to GAAP.
Sales for the 2007 first quarter were $2.56 billion, 19% higher than the $2.14 billion reported for the 2006 first quarter.
H. Lawrence Culp, Jr., President and Chief Executive Officer, stated, "We are very pleased to announce another record first quarter. Growth from existing businesses, also known as core revenues, was 3.5% despite the negative impact of approximately 2 percent as a result of the completion of several large postal projects in the first half of 2006 within our Videojet and Accu-Sort businesses, as well as the impact of recent emission regulations on our Jacobs Vehicle Systems business. Total sales growth for the quarter also included acquisition growth of 12.5% and a positive currency impact of 3%. We continue to see strength across most of our portfolio and served markets and this gives us confidence in our ability to continue to deliver positive results for 2007.”
Danaher Corporation is a leading manufacturer of Professional Instrumentation, Medical Technologies, Industrial Technologies, and Tools and Components (www.danaher.com)
Statements in this release that are not strictly historical, including statements regarding expectations for the balance of 2007 and any other statements regarding events or developments that we believe or anticipate will or may occur in the future, may be "forward-looking" statements. There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements. These factors include, among other things, competition, our ability to develop and successfully market new products and technologies, our ability to expand our business in new geographic markets, our ability to identify, consummate and integrate appropriate acquisitions, litigation and other contingent liabilities including intellectual property matters, our compliance with applicable laws and regulations, our ability to achieve projected efficiencies, cost reductions, sales growth and earnings, economic conditions in the end-markets we sell into, commodity costs and surcharges, currency exchange rates, tax audits, and general domestic and international economic conditions. 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 2006 Annual Report on Form 10-K and First Quarter 2007 Quarterly Report on Form 10-Q. These forward-looking statements speak only as of the date of this release and the Company does not intend to update any forward-looking statement.
To download a copy of the full earnings report, please go to www.danaher.com.
Please contact:
Matt R. McGrew
Vice President, Investor Relations
Danaher Corporation
2099 Pennsylvania Avenue
Washington, D.C. 20006
Telephone: (202) 828-0850
Fax: (202) 828-0860