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DANAHER REPORTS RECORD FOURTH QUARTER AND FULL YEAR 2010 RESULTS
WASHINGTON, D.C., January 27, 2011 Danaher Corporation (NYSE:DHR) announced today that GAAP net earnings for the quarter ended December 31, 2010 were $473.9 million, or $0.69 per diluted share, a 72.5% increase over GAAP diluted net earnings per share of $0.40 for the fourth quarter 2009. On a non-GAAP basis, which reflects the adjustments identified in the attached reconciliation schedule, 2010 fourth quarter adjusted net earnings were $455.4 million, or $0.67 per diluted share, a 19.5% increase over 2009 fourth quarter adjusted diluted net earnings per share of $0.56. Sales for the 2010 fourth quarter were $3.6 billion, 15% higher than the $3.1 billion reported for the 2009 fourth quarter. Core revenues increased 13% in the quarter compared to the fourth quarter of 2009.
GAAP net earnings for the full year 2010 were $1.8 billion, or $2.64 per diluted share, compared with GAAP net earnings of $1.2 billion, or $1.73 per diluted share for the full year 2009. Revenues for the full year 2010 were $13.2 billion compared to $11.2 billion for the full year 2009, an increase of 18%. Core revenues increased 11.5% for the full year 2010 compared to the full year 2009.
H. Lawrence Culp, Jr., President and Chief Executive Officer, stated, 2010 was an outstanding year for Danaher. We continued to evolve the portfolio toward higher growth, higher technology, more global businesses serving markets where our brands are clear leaders. The investments we have made in innovation and emerging markets are driving growth and share gains. We generated $1.87 billion of free cash flow in 2010 and continue to seek to deploy our cash back into the business through acquisitions. We believe we are well positioned heading into 2011.
Danaher will discuss its results during its investor conference call today starting at 8:00 a.m. EST. The call and an accompanying slide presentation will be webcast on the Investors section of Danahers website at www.danaher.com. A replay of the webcast can be accessed on the Investors section of Danahers website (under the subheading Investor Events) shortly after the conclusion of the presentation, and the webcast will remain available until the next quarterly earnings call. The conference call can be accessed by dialing 888-857-6931 within the U.S. or 719-457-1529 outside the U.S. a few minutes before the 8:00 a.m. EST start and telling the operator that you are dialing in for Danahers earnings conference call (access code 4535370). ). A replay of the conference call will be available shortly after the conclusion of the call and through Tuesday, February 1, 2011. You can access the replay by dialing 888-203-1112 within the U.S. or 719-457-0820 outside the U.S. with the access code 4535370.
In addition, presentation materials relating to Danahers results have been posted to the Investors section of Danahers website under the subheading Earnings.
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Danaher is a diversified technology leader that designs, manufactures, and markets innovative products and services to professional, medical, industrial, and commercial customers. Our portfolio of premier brands is among the most highly recognized in each of the markets we serve. Driven by a foundation provided by the Danaher Business System, our 48,000 associates serve customers in more than 125 countries and generated $13.2 billion of revenue in 2010. For more information please visit our website: www.danaher.com.
The following information was filed by Danaher Corp (DHR) on Thursday, January 27, 2011 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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