Danaher Reports Record Fourth Quarter 2012 Results


Danaher Reports Record Fourth Quarter 2012 Results

WASHINGTON, Jan. 29, 2013 /PRNewswire/ -- Danaher Corporation (NYSE: DHR) today announced results for the fourth quarter and full year 2012. All financial metrics in this release reflect only the Company's continuing operations unless otherwise noted.

Net earnings for the quarter ended December 31, 2012 were $630.4 million, or $0.89 per share on a diluted basis, a 12.5% increase over diluted net earnings per share of $0.79 for the fourth quarter 2011. Included in the fourth quarter 2012 results is a $0.02 per share benefit from a mark-to-market gain from the change in value of a currency swap agreement. Sales for the 2012 fourth quarter were $4.98 billion, 5.5% higher than the $4.72 billion reported for the 2011 fourth quarter. Core revenues increased 3.5% in the quarter compared to the fourth quarter of 2011.

Net earnings for the full year 2012 were $2.3 billion, or $3.23 per share on a diluted basis, compared with net earnings of $1.9 billion, or $2.77 per share on a diluted basis for the full year 2011. Revenues for the full year 2012 were $18.3 billion compared to $16.1 billion for the full year 2011, an increase of 13.5%. Core revenues increased 2.5% for the full year 2012 compared to the full year 2011.

The Company expects to close on the pending divestiture of its interest in Apex Tool Group within the next two weeks and as a result it is updating its full year 2013 non-GAAP adjusted diluted net earnings per share guidance range to $3.32 to $3.47 from a previous GAAP diluted net earnings per share range of $3.40 to $3.55. The Company anticipates that non-GAAP adjusted diluted net earnings per share for the quarter ending March 29, 2013 will be in the range of $0.72 to $0.77. The adjusted guidance excludes the anticipated gain on the disposition of Apex as well as any benefit related to the retroactive reinstatement of certain federal tax provisions contained in the American Tax Relief Act of 2012.

H. Lawrence Culp, Jr., President and Chief Executive Officer, stated, "We were pleased by the strong finish to 2012, which was broad-based across most of our businesses. The team's application of the Danaher Business System led to a solid year of earnings growth, year-over-year core margin expansion and outstanding cash flow performance including a record $3.0 billion of free cash flow generation. While cognizant of the current macroeconomic challenges, we will continue our focus on gaining market share and remaining active on the acquisition front in 2013."

Danaher will discuss its results during its investor conference call today starting at 8:00 a.m. EST. The call and an accompanying slide presentation will be webcast on Danaher's website at www.danaher.com. You can access a replay of the webcast on the "Investors" section of Danaher's website, under the subheading "Investor Events." A replay of the webcast will be available shortly after the conclusion of the presentation and will remain available until the next quarterly earnings call. The conference call can be accessed by dialing 888-637-7707 within the U.S. or 913-981-4903 outside the U.S. a few minutes before the 8:00 a.m. EST start and telling the operator that you are dialing in for Danaher's earnings conference call (access code 2149164). A replay of the conference call will be available shortly after the conclusion of the call and until Tuesday, February 5, 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 2149164. 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 125 countries.  In 2012, we generated $18.3 billion of revenue.  For more information please visit our website: www.danaher.com.

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