DANAHER REPORTS FIRST QUARTER 2018 RESULTS
WASHINGTON, D.C., April 19, 2018 — Danaher Corporation (NYSE: DHR) today announced results for the first quarter 2018. For the quarter ended March 30, 2018, net earnings were $566.6 million, or $0.80 per diluted share which represents a 16.0% year-over-year increase.
Non-GAAP adjusted diluted net earnings per share were $0.99. This represents a 16.5% increase over the comparable 2017 period. For the first quarter 2018, revenues increased 11.5% year-over-year to $4.7 billion, with non-GAAP core revenue growth of 5.5%.
Operating cash flow for the first quarter 2018 was $828.9 million, representing a 48% increase over the comparable 2017 period. Non-GAAP free cash flow for the first quarter 2018 increased 72% year-over-year to $691.4 million, representing a non-GAAP free cash flow to net income conversion ratio for the first quarter 2018 of 122%.
For the second quarter 2018, the Company anticipates that diluted net earnings per share will be in the range of $0.88 to $0.91 and non-GAAP adjusted diluted net earnings per share will be in the range of $1.07 to $1.10.
For the full year 2018, the Company now anticipates that diluted net earnings per share will be in the range of $3.62 to $3.69. The Company now expects its 2018 non-GAAP adjusted diluted net earnings per share to be in the range of $4.38 to $4.45 versus previous guidance of $4.25 to $4.35.
Thomas P. Joyce, Jr., President and Chief Executive Officer, stated, “We are off to an outstanding start in 2018, with the first quarter coming in ahead of our initial expectations. We delivered 5.5% core revenue growth, mid-teens earnings per share growth and free cash flow that increased more than 70% year-on-year. This strong performance was broad-based, with four of our five platforms delivering mid-single digit or better core revenue growth — including 9.5% growth in Diagnostics, which was led by Cepheid. We also announced the acquisition of Integrated DNA Technologies, Inc. (“IDT”), a leading player in the highly attractive genomics consumables segment. We closed the IDT acquisition last week and are excited to welcome the IDT team to Danaher.”
Joyce continued, “Our great start to 2018 is a testament to the power of the Danaher Business System, strong execution by the Danaher team and our focus on long-term value creation. Our performance in the quarter — combined with significant opportunities across the portfolio and our solid balance sheet — positions us well for strong performance in 2018 and beyond.”
Danaher will discuss its results during its quarterly investor conference call today starting at 8:00 a.m. ET. The call and an accompanying slide presentation will be webcast on the “Investors” section of Danaher’s website, www.danaher.com, under the subheading “Events & Presentations.” A replay of the webcast will be available in the same section of Danaher’s website 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 888-882-4478 within the U.S. or by dialing +1 323-794-2149 outside the U.S. a few minutes before the 8:00 a.m. ET start and telling the operator that you are dialing in for Danaher’s investor conference call (access code 1818726). A replay of the conference call will be available shortly after the conclusion of the call and until April 26, 2018. You can access the replay dial-in information on the “Investors” section of Danaher’s website under the subheading “Events & Presentations.” In addition, presentation materials relating to Danaher’s results have been posted to the “Investors” section of Danaher’s website under the subheading “Quarterly Earnings.”
All results in this release reflect only continuing operations unless otherwise noted.
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 has leadership positions in some of the most demanding and attractive industries, including health care, environmental and industrial. With more than 20 operating companies, Danaher’s globally diverse team of approximately 67,000 associates is united by a common culture and operating system, the Danaher Business System. For more information, please visit www.danaher.com.
The following information was filed by Danaher Corp (DHR) on Thursday, April 19, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.