Danaher Q2 Profit Rises, Tightens Full Year View

(RTTNews) - Danaher Corp. (DHR) Thursday reported increased profit for the second quarter, supported by a 5 percent improvement in revenues. Looking ahead, the company tightened its earnings forecast for the year.

The company manufactures, and markets professional, medical, industrial, and commercial products and services.

Net earnings rose to $676.4 million or $0.95 per share from $616.8 million or $0.87 per share in the previous year. The latest results included a $0.02 per share after-tax gain on the sale of marketable securities.

The company's expectation was for second-quarter earnings of $0.90 to $0.94 per share.

On average, 20 analysts polled by Thomson Reuters expected the company to report earnings of $0.94 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues rose 5 percent to $4.964 billion from $4.738 billion reported last year. Core revenues increased 3 percent year-over-year. Wall Street expected revenues of $4.97 billion for the quarter.

Lawrence Culp, Jr., president and CEO, said, "We believe that our robust balance sheet, continued focus on organic growth opportunities and confidence in deploying our more than $8 billion in acquisition capacity will drive solid performance in the second half of 2014 and beyond."

Culp is slated to retire on March 1, 2015 and continue at Danaher in an advisory role into the first quarter of 2016. Executive Vice President Thomas Joyce, Jr. will succeed Culp as president and chief executive officer.

Looking ahead, the company anticipates that GAAP net earnings per share for the third-quarter will be in the range of $0.86 to $0.89. Analysts expect earnings of $0.93 per share for the quarter.

The company narrowed its net earnings per share guidance for the full year 2014 to a range of $3.67 to $3.72 on a GAAP basis. Analysts project annual earnings per share of $3.75.

The company said in April that it expected earnings of $3.60 to $3.75 per share for the full year 2014.

DHR closed up 0.3 percent on Wednesday at $78.50.