Danaher Corp. (DHR) reported fourth-quarter earnings from continuing operations of $1.08 per share, which excludes additional restructuring charges, beating the Zacks Consensus Estimate of $1.
Quarterly sales were $3.1 billion, 1.5% less than the $3.2 billion reported in the year-ago quarter. Core revenues declined 9% in the quarter, compared to the fourth quarter of 2008.
It was heartening to note the continued sequential end market improvements in the fourth quarter, as well as solid execution on the restructuring initiatives undertaken throughout the year. The company’s continued focus on internal growth investments, new product introductions and strategic M&A opportunities give it enough impetus to outperform in 2010 and over the long term.
Professional instrumentation segment was the largest revenue earner with $1.2 billion in the quarter followed by Medical Technologies with $0.9 billion. Industrial technologies generated $0.7 billion of sales.
Cash and equivalents were $1.7 billion with long-term debt at $2.9 billion and share owners’ equity at $11.6 billion.
Recently, Danaher won approval from U.S. antitrust regulators to buy MDS Analytical Technologies. The commission said it approved the deal conditioned on the sale of assets related to MDS’s Arcturus brand of laser micro-dissection devices to Life Technologies Corp. (LIFE).
Danaher is a diversified technology leader that designs, manufactures, and markets innovative products and services to professional, medical, industrial, and commercial customers. Its portfolio of premier brands is among the most highly recognized in each of the markets it serves. Driven by a foundation provided by the Danaher Business System, its 47,000 associates serve customers in more than 125 countries and generated $11.2 billion of revenue in 2009.
We currently have a Neutral recommendation on DHR.
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