Danaher Reports Record First Quarter 2016 Results
OREANDA-NEWS. Danaher Corporation (NYSE:DHR) today announced results for the first quarter 2016. All financial metrics in this press release reflect Danaher's continuing operations.
For the quarter ended April 1, 2016, non-GAAP adjusted diluted net earnings per share were $1.08, which reflects the adjustments identified in the attached reconciliation schedule. This represents an 18.5% increase over the comparable 2015 amount. On a GAAP basis, net earnings for the first quarter were $758 million, or $1.09 per share on a diluted basis. For the first quarter 2016, revenues increased 15.0% year-over-year to $5.4 billion, with core revenue growth of 0.5%.
The Company anticipates that non-GAAP, adjusted diluted net earnings per share for the second quarter of 2016 will be in the range of $1.19 to $1.23, reflecting the adjustments identified on the attached reconciliation schedule. The Company is also increasing its full year 2016 adjusted diluted net earnings per share guidance, which is now expected to be in the range of $4.85 to $4.98, reflecting the adjustments identified on the attached reconciliation schedule.
Thomas P. Joyce, Jr., President and Chief Executive Officer, stated, "We were pleased with our start to 2016 as our team continued to outperform in the face of uncertain and challenging economic conditions. In the quarter, we delivered high-teens earnings growth, healthy operating margin expansion and free cash flow that was up over 50% year-on-year. The Danaher Business System remains the driving force behind our performance-equipping our team with the tools to strengthen our competitive positions, the focus to invest in high-impact growth opportunities and the flexibility to position our businesses for long-term success."
Joyce added, "This is an exciting year for Danaher as we anticipate the launch of Fortive Corporation. This separation will provide our teams with unique opportunities for growth and create two portfolios of market-leading businesses that we believe will continue to build shareholder value for years to come."
Danaher is a global science and technology innovator committed to helping its customers solve complex challenges and improving quality of life around the world. Its family of world class brands have unparalleled leadership positions in some of the most demanding and attractive industries, including health care, environmental and industrial. The Company's globally diverse team of 81,000 associates is united by a common culture and operating system, the Danaher Business System. In 2015, Danaher generated $20.6 billion in revenue and its market capitalization exceeded $60 billion.