Danaher Corporation Announces Record First Quarter Results

Apr 19, 2001, 01:00 ET from Danaher Corporation

    WASHINGTON, April 19 /PRNewswire/ -- Danaher Corporation (NYSE:   DHR)
 announced today that net earnings for its first quarter ended March 30, 2001
 were a record $82.6 million, 15% above net earnings for the comparable 2000
 period of $71.6 million.  Diluted earnings per share for the 2001 quarter were
 $.56, 14% above the comparable $.49 for the 2000 first quarter.  Sales for the
 2001 first quarter were $1,005.3 million, 16% higher than the $867.8 million
 for the 2000 first quarter.
     George M. Sherman, President and Chief Executive Officer, stated, "We are
 pleased to report record first quarter results in sales, earnings, and cash
 flow.  We achieved 16% overall sales growth driven by acquisitions.  As
 expected, a weakening domestic economy resulted in a core volume decline in
 our Tools and Components segment, principally at Jacobs Brake and our short
 cycle tools businesses.  This decline was substantially offset by 8% core
 volume growth in the Process/Environmental Controls segment.  Operating cash
 flow increased 25% and operating profit reached record levels, as cost
 containment activities in both business segments compensated for the expected
 decline in our Tools and Components segment.  While our outlook remains
 cautious relative to the domestic economic environment, we believe Danaher
 will continue to outperform in 2001."
     Danaher Corporation is a leading manufacturer of Process/Environmental
 Controls and Tools and Components.  (http://www.danaher.com )
     Statements in this release that are not strictly historical may be
 "forward-looking" statements, which involve risks and uncertainties.  These
 include economic and currency conditions, market demand, pricing, and
 competitive and technological factors, among others, as set forth in the
 company's SEC filings.
 
                              DANAHER CORPORATION
                             Results of Operations
                     (thousands, except per share amounts)
                                  (unaudited)
 
                                                        Three Months Ended
                                                    March 30,       March 31,
                                                      2001            2000
 
     Net sales                                    $ 1,005,283       $867,847
     Cost of sales                                    628,398        537,958
     Selling, general and
       administrative expenses                        223,862        202,486
     Goodwill and other amortization                   14,605          9,774
     Total operating expenses                         866,865        750,218
     Operating profit                                 138,418        117,629
     Interest expense, net                              6,296          2,213
     Earnings from continuing operations
       before income taxes                            132,122        115,416
     Income taxes                                      49,545         43,859
 
     Net earnings                                     $82,577        $71,557
 
     Basic earnings per share                           $ .58          $ .50
     Average common stock outstanding                 142,874        142,751
 
     Diluted earnings per share                         $ .56          $ .49
 
     Average common stock and common
       equivalent shares outstanding                  150,466        145,370
 
     A complete copy of Danaher's Form 10-Q financial statements is available
 on the Company's web site (http://www.danaher.com ).
 
 

SOURCE Danaher Corporation
    WASHINGTON, April 19 /PRNewswire/ -- Danaher Corporation (NYSE:   DHR)
 announced today that net earnings for its first quarter ended March 30, 2001
 were a record $82.6 million, 15% above net earnings for the comparable 2000
 period of $71.6 million.  Diluted earnings per share for the 2001 quarter were
 $.56, 14% above the comparable $.49 for the 2000 first quarter.  Sales for the
 2001 first quarter were $1,005.3 million, 16% higher than the $867.8 million
 for the 2000 first quarter.
     George M. Sherman, President and Chief Executive Officer, stated, "We are
 pleased to report record first quarter results in sales, earnings, and cash
 flow.  We achieved 16% overall sales growth driven by acquisitions.  As
 expected, a weakening domestic economy resulted in a core volume decline in
 our Tools and Components segment, principally at Jacobs Brake and our short
 cycle tools businesses.  This decline was substantially offset by 8% core
 volume growth in the Process/Environmental Controls segment.  Operating cash
 flow increased 25% and operating profit reached record levels, as cost
 containment activities in both business segments compensated for the expected
 decline in our Tools and Components segment.  While our outlook remains
 cautious relative to the domestic economic environment, we believe Danaher
 will continue to outperform in 2001."
     Danaher Corporation is a leading manufacturer of Process/Environmental
 Controls and Tools and Components.  (http://www.danaher.com )
     Statements in this release that are not strictly historical may be
 "forward-looking" statements, which involve risks and uncertainties.  These
 include economic and currency conditions, market demand, pricing, and
 competitive and technological factors, among others, as set forth in the
 company's SEC filings.
 
                              DANAHER CORPORATION
                             Results of Operations
                     (thousands, except per share amounts)
                                  (unaudited)
 
                                                        Three Months Ended
                                                    March 30,       March 31,
                                                      2001            2000
 
     Net sales                                    $ 1,005,283       $867,847
     Cost of sales                                    628,398        537,958
     Selling, general and
       administrative expenses                        223,862        202,486
     Goodwill and other amortization                   14,605          9,774
     Total operating expenses                         866,865        750,218
     Operating profit                                 138,418        117,629
     Interest expense, net                              6,296          2,213
     Earnings from continuing operations
       before income taxes                            132,122        115,416
     Income taxes                                      49,545         43,859
 
     Net earnings                                     $82,577        $71,557
 
     Basic earnings per share                           $ .58          $ .50
     Average common stock outstanding                 142,874        142,751
 
     Diluted earnings per share                         $ .56          $ .49
 
     Average common stock and common
       equivalent shares outstanding                  150,466        145,370
 
     A complete copy of Danaher's Form 10-Q financial statements is available
 on the Company's web site (http://www.danaher.com ).
 
 SOURCE  Danaher Corporation